Australia, April 2 / PRNewswire-Asian2-once a hot apartment in Sydney, the market is depressed and there are no buyers.
The average time it took to sell apartments in Sydney fell slightly last year, but in some neighborhoods owners sold apartments more than twice as long as they did two years ago, according to Domain.
According to Domain Group, the average waiting time for apartments to be sold was 70 days for owners in, Canterbury Bankstown and the Sydney West end in the last quarter. At the same time in 2015, it would take 39 days and 46 days to find a buyer, respectively.
The seller`s unrealistic expectations are another factor that makes it difficult to sell apartments.
Bhavesh Patel is eager to reverse the trend when his two-bedroom apartment goes on sale next week. His property, located in Wentworthville, on the west side of Sydney, has seen a sharp decline in buyer interest since 2015.
Two years ago, Patel might have been able to sell the house in 20 days, but Wentworthville`s apartment now takes an average of 76 days to sell.
But he wants his apartment in 18 old buildings to stand out from the new, usually smaller, apartments on the market. "older houses usually have larger floor space," he said. "my apartment has an area of about 91 square meters."
Patel said he knew the price of the property would not be as high as it was a year ago and hoped to sell apartments within three to four weeks by setting a price in line with the current market.
Parth Joshi, chief sales of Ray White Seven Hills, said residential listings were longer than ever, a trend that continued until 2018, driven by falling demand from investors and unrealistic vendor expectations.
Speaking of the Wentworthville market, Joshi said: "it used to take four or five weeks to sell an apartment, and now it`s more than eight weeks." Buyers are more picky and more cautious. They are willing to postpone the purchase decision in order to get the right price. "
(photo source: Domain)
In 17 cities such as Granville,Baulkham Hills,Homebush West and Belmore, the average time to market has more than doubled since 2015.
In the last fiscal year, the completion rate of composite residential units in the Greater Sydney area surged 14.6 percent, while the completion rate of Canterbury Bankstown rose 46.8 percent, the southwest region up 26.73 percent, and the West end up 53 percent.
