The Sydney regions where the number of home sellers has plummeted | Kate Burke
Home buyers have fewer options in some of the most sought-after regions this spring selling season.
New seller activity in some of the city’s most sought-after regions is down more than 30 per cent year-on-year, new figures show, and the number of sellers willing to hit a market where prices are falling has dropped below levels seen during the quieter winter months and the last downturn. The sharpest drops were in the city’s more expensive markets. New listings fell at least 30 per cent year-on-year in the northern beaches, eastern suburbs and north shore, and dropped more than a quarter in the Sutherland Shire and city and inner south.
“The top end of the market tends to lead with the most significant [price] swings and this cycle is no different …and it makes sense that sellers will be pulling back from listing in a market where prices are falling faster,” he said. LJ Hooker Group’s head of research Mathew Tiller said it had been a slower start to spring. The agency had a similar drop in new listings as sellers pulled back, but also a slight build-up in the total number of homes for sale as properties took longer to find a buyer.