Latest news with #buyers
ABC News
2 days ago
- Climate
- ABC News
Scenic Rim couple left ‘heartbroken' after landslides damage ‘forever home'
The Radunz's say they weren't told prior to purchasing their block that the area was prone to landslides. In Queensland, however, the onus is on the buyer to do such checks.
News.com.au
2 days ago
- Business
- News.com.au
Geelong family looks to join Ceres elite after buying home at auction
It's looking like it's going to be one of those years in Ceres, the Barrabool hills village where, as property booms go, homes are selling like hot cakes at present. The year is not quite at the halfway mark and already four houses have changed hands in Ceres, and a fifth is up for sale. For a tightly-held village with around 70 homes, that's double the average two sales annually recorded over the previous 20 years, excluding properties passed down through families. 4 Thomas St. The five-bedroom residence retains its country charm and caters for large families with updates such as the farmhouse style kitchen with an IXL wood stove sitting alongside a Bosch freestanding electric oven, a butler's sink and a dishwasher. The circa-1916 weatherboard has open fireplaces in interconnected family and dining rooms, which both sport high ceilings and built-in shelving. The 2229sq m property sold for $1.435m after the auction. 'We had one bidder and passed it in and from there we had post-auction negotiations with that family from Geelong,' Mr Poustie said. 'They're going to be making the change to live in the Barrabool hills, which is very exciting. 'We expected two other groups to compete, but finance timing restricted that, so it came down to the one party.' Mr Poustie said the location was prestigious, with most interest giving positive feedback on the character home and the land size. 'Most people will be looking to do some renovations and that probably restricted a few buyers who just weren't prepared to that the plunge with a builder,' he said. 'I think in five or six months time, a few people might look back and regret that.' Mr Poustie, who said there was a significant interest in the property in the first two weeks of the campaign, said growing confidence was leading to more homes being put up for sale in Ceres. 'It's just timing that a lot of people haven't been wanting to put properties on the market, but just in a last six months there's a lot more confidence that the buyers are out there,' he said. 'This one is interesting because it sits on just over half an acre. It's a really blue-chip position as it's off the main road. 'Thomas St has got some great houses and it's pretty hard to get over half an acre in Ceres. It think it'll look to be a good buy in ears to come and it's going to be quite a property once the complete the renovations.'
Daily Mail
2 days ago
- Business
- Daily Mail
US housing market sees major power shift
By Published: Updated: The once red-hot US housing market is undergoing a dramatic reversal — and for the first time in years it's buyers who hold the upper hand. Nearly 2 million homes are for sale across the country, but only about 1.5 million active homebuyers are looking. That 500,000 gap marks the largest imbalance ever recorded, according to the real estate firm Redfin. At the same time the total value of homes on the market has hit a record-shattering $698 billion , up more than 20 percent from this time last year. But with far fewer buyers in the game, sellers are being forced to slash prices. 'The balance of power in the US housing market has shifted toward buyers,' Redfin senior economist Asad Khan (pictured) told the Daily Mail. 'But a lot of sellers have yet to see or accept the writing on the wall.' In Sonoma, California, a luxury three-bedroom, four-bath home originally listed for over $3.5 million during the Covid boom recently sold for $1.86 million — a staggering 47 percent markdown. In Dallas, a more modest property listed at $375,000 was cut by $25,000 after sitting on the market for 70 days. Experts say that as mortgage rates remain elevated and affordability worsens, this buyer-seller gap could grow wider, setting the stage for even deeper price cuts over the summer. Buyers are still dealing with sky-high mortgage rates, but with dwindling competition and a surplus of inventory, some may find it is time to make an offer. Plus, prices are falling. Though home values rose 3.9 percent year-over-year in February, slightly down from January's 4.1 percent, they are expected to come down in the coming weeks. During the peak of the pandemic housing frenzy, low mortgage rates and record-low inventory sparked aggressive bidding wars across the US. That is no longer the case, said Khan. 'Buyers who are currently on the market are having an easier time due to growing inventory and fewer other buyers to compete with, which increases their bargaining power,' he told the Daily Mail. 'The pool of buyers is small because many are staying on the sidelines due to high mortgage rates and economic uncertainty. 'Sellers are growing in number as life events encourage homeowners to move and they're finally willing to give up their low pandemic-era mortgage rates.' But too many homes on the market are making it hard for sellers. Meanwhile, some sellers are slow to catch on and many have not lowered their prices yet. 'It takes time for sellers to recognize whether and how the market has shifted,' said Khan. 'Usually this happens as they get fewer buyers touring their home or making offers, and their home sits on the market longer than expected. 'So we anticipate more price cuts and sellers accepting more offers at or below list price over the coming months.' Agents say stubborn pricing remains a key hurdle. 'A lot of the people selling right now bought in 2021 or 2022, when home prices were near their height,' said Corey Stambaugh (pictured), a Redfin premier agent in North Carolina. 'Even though we advise them to list at today's market value, a lot of them decide to list high to recoup their money.' Homes that linger on the market also raise buyer suspicion and lose leverage fast. 'The buyer's market should last until we see buyers return to the market the same way we are already seeing sellers return,' Khan explained. 'But as long as mortgage rates and home prices remain elevated, many potential buyers will remain on the sidelines.' Texas in particular has been hit hard with too much inventory on the market. Supply just keeps growing while demand is receding for homes in the once-scorching housing market. The Lone Star State has been building more new homes than almost every other state over the past few years, and the market has finally hit a breaking point. The explosion in housing inventory amid dwindling sales has put Dallas, one of the hottest housing markets during the pandemic, on orbit to crash. Redfin predicts home prices will drop overall by 1 percent by the end of the year. With so many options, house hunters are negotiating lower prices, getting their HOA fees paid in advance, asking for repairs (and getting them paid for), and demanding mortgage-rate buydowns. Plus, nearly half of all sellers are now throwing in concessions, according to Redfin.
Bloomberg
2 days ago
- Business
- Bloomberg
UK Home Prices See Biggest Drop Since 2021 as Tax Hike Kicks In
UK home prices fell in April by most since 2021, government data show, as a tax increase drove some buyers out of the market. The average price nationwide was £265,000 ($356,150), down 2.8% from March, according to figures published by the UK Office for National Statistics. It was the first decline since December 2023 and the largest since the pandemic.
Reuters
4 days ago
- Business
- Reuters
New Zealand house prices edge lower in May as market remains soft
WELLINGTON, June 17 (Reuters) - New Zealand home prices fell slightly in May although the number of houses sold increased, the Real Estate Institute of New Zealand (REINZ) said on Tuesday. Seasonally adjusted median house prices fell 0.9% from April and were also down 0.9% year-on-year, data from the institute showed. "The stability in interest rates has encouraged more buyers to enter the market, though levels of confidence vary by region," REINZ said in a statement. Data showed that on a seasonally adjusted basis, excluding New Zealand's largest city Auckland, house prices were unchanged from May 2025.
