Market surveys have revealed that many properties in Australia have failed to sell due to home owners expecting more money when selling homes.
Homeowners seeking more money are failing to sell their properties and those homes are sitting on the market for six months or more, new data has revealed.
It is said that houses in need of renovation, houses bought during the Covid epidemic, as well as houses with more rooms remain on the market without being sold for longer than others.
In the year to October, the number of older homes put up for sale in Sydney increased by 6.4 per cent, while in Melbourne homes increased by 11.3 per cent over the same period.
Louis Christopher, managing director of research, said the unaffordable prices of older homes showed an imbalance between supply and demand.
In Brisbane, Perth and Adelaide, properties, including homes in need of renovation, often sit on the market for months.
It has also been revealed that some property owners are preparing to resell the property they bought at a high price during the Covid epidemic and have set a higher price due to the fact that they want to get back the money spent on it.
