Desperate apartment sellers in (Greater Parramatta), in the Greater Paramatra region had to watch their house go on sale for months because of the oversupply of high-rise apartments caused by frenzied building activity.
Despite the recent decline in demand from buyers, the region still has the largest number of proposed residential projects in Sydney, according to the study.
This aggravates competition among sellers, who will find it difficult to sell quickly if they do not cut prices sharply.
Mays Hill, one kilometer west of CBD, has the longest average sale time since it went public, taking six and a half months to sell.
That`s almost six times the average sales time in Sydney (33 days), according to Finder.com.au `s analysis of CoreLogic`s May data, and far more than the 42-day average for, Mays Hill, when apartments weren`t that much last year.
A little further east, the average sale time for, Sydney Olympic Park`s apartment is nearly three months.
As sales slowed, the median home price in Sydney fell 4.2 percent over the past year, according to the CoreLogic`s house price index.
Nerida Conisbee, chief economist at Realestate.com.au, said it would take longer for apartments in the Paramata area to sell because demand was 22 percent less than in the same period last year.
