Sellers fear property market 'stops' as declines intensify
“The boom is over and property prices are dropping, at an accelerating pace,” said Shane Oliver, chief economist at AMP Capital. Buying agent Cate Bakos added: “This remains a highly segmented market with regional market and capital market prices falling and rising out of sync. Buyers are becoming more particular, which means well-renovated properties with amenities are still in high demand.” Shortage of building materials, rising renovation costs and difficulty finding experienced and qualified experts are making buyers increasingly reluctant to buy properties that require additional work, Bakos said. In Sydney, buyer’s agent Patrick Bright said there was an increasing “argy-bargy” in the market because of the possibility that prices would fall in the coming months resulting in buyers unwilling to pay the asking price. “That’s the mental gymnastics caused by growing negative sentiment,” says Bright. Prestigious properties with unique attractions, such as harbor views or proximity to