According to Domain, new property listings has collapsed “because vendors fear they, in turn, won’t be able to find anything to buy”:
“There’s so much pent-up demand out there but while vendors are all thinking it’s a good time to sell, they know it isn’t a good time to buy,” said Nick Boyd, head of growth at Belle Property Australasia. “It’s like a traffic jam. No one can move and more and more buyers are joining in the backlog.
“Sellers know they’ll get a fantastic price as we’ve seen stunning price growth over the last nine months, but that can equally put a hesitation into the sellers’ minds knowing there might not be much out there for them”…
