In some of Australia’s most expensive suburbs the number of languishing prestige listings is on the rise, while the value of the top-end market slides.
Across Sydney’s prestige suburbs, more than half a billion dollars worth of luxury property is languishing on the market in a sign of the growing tension between vendor expectations and the unfolding market reality.
In addition, the top 10 per cent of properties has plunged in value by 15.5 per cent in Sydney, 12 per cent in Melbourne and 7.1 per cent in Brisbane in the 12 months to December, according to CoreLogic data. “It’s typical of what we see in housing downturns - you start to see a build up in stock that’s been on the market for quite some time,” Mr Christopher said., Vaucluse, in Sydney’s east, the number of trophy homes on the market for at least 180 days has more than tripled compared to the same time last year, up from four to 14 on SQM’s numbers.
“At the start of 2022 everything was flying. Then it all changed when the first bomb dropped in Ukraine. People got scared,” Mr Pallier said. This South Yarra home on Fulham Avenue is guiding over $16 million after hitting the market in April 2022. While there’s been a slight uptick in old listings in the last months of 2022, that number is likely to rise. According to SQM’s Mr Christopher, the Brisbane market “definitely” turned in favour of buyers at the end of the first quarter of 2022.
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