Property Market Slowdown Sees High Stale Listings in Officer South
1 report, 1 independent
Updated Oct 7
AI-generated briefing. Brind wrote this from the reports listed below. It can be wrong. Each section says how much you can rely on it, and the sources are linked so you can check.
What happened
Stale listings, defined as properties on the market for six months or longer, increased 2.3 per cent nationally in September, accounting for 28 per cent of listings nationwide according to SQM Research. Officer South, southeast of Melbourne, reported that 53 per cent of homes on the market met this definition, significantly higher than the 21 per cent seen in Melbourne overall.
Why it matters
The property market is experiencing a slowdown, driven by affordability pressures and interest rate concerns, leading buyers to be highly selective and cautious. Sellers in areas like Officer South are reportedly still expecting prices seen before the market decline.
Who's involved
- MelbourneThe metropolitan area where the property market slowdown is being observed.