Buyers are walking after auction wins as selling times hit 39 days
REBAA president Zoran Solano says deals are collapsing at the 11th hour, with agents forced to relist properties vendors thought were already sold.
Image: Smart Property Investment
Buyers are pulling out of agreed deals and auction wins at the last minute, leaving vendors facing a fresh campaign on a property they thought was sold.
Real Estate Buyers Agents Association of Australia (REBAA) president Zoran Solano said more sales have been falling over after a buyer agreed to terms or won at auction, forcing agents to relist and leaving sellers in the lurch.
“In the past few months, we’ve seen deals fall over at the 11th hour, and it’s happening more often than people realise,” Solano said.
He pointed to a recent case where an agent had reached an agreement and was preparing to sign the contract, only for the deal to collapse 24 hours later and the property to go back on the market.
“That’s the reality right now. Buyers are getting cold feet, they’re panicking, and they’re walking away from contracts they’ve already agreed to.”
Cotality data showed capital city homes now take a median of 39 days to sell, up from 23 days a year ago, putting campaign strategy to the test.
An SQM Research report showed old listings — defined as six months or older — increased 2.3 per cent nationally across September, and now make up 28 per cent of listings nationwide.
“It’s incredibly destabilising for vendors and sales agents,” Solano said.
Fear of overpaying is driving the hesitation
Solano said hesitation typically intensifies as market conditions soften, with buyers second-guessing expected to define this year’s spring selling season.
Fears of overpaying and easing prices have been driving buyer decisions, with many trying to time the market bottom.
“Buyers are terrified of buying today and seeing a similar property sell for less at Christmas,” he said.
“That fear is paralysing people, and it’s causing chaos for vendors and sales agents who think they have a done deal.”
Agents are leaning on buyer’s agents to make deals stick
To counter buyers dropping out late, Solano said selling agents have increasingly been seeking out buyer’s agents with a better understanding of the market.
“In this market, legitimate, pre-approved, and motivated buyers are few and far between, so, when we say a buyer is ready, the agent knows the deal will actually stick,” he said.
Solano said current conditions present opportunities for buyers who understand how to navigate a shifting market.
“This is a market where negotiation matters, where due diligence matters, and where professional guidance matters,” he said.
“The buyers who stay calm, stay informed, and stay strategic are the ones who will come out ahead.”
While the market has been slowing, Solano said it was part of a cycle and buyers shouldn’t make decisions based on fear or headlines.
“What we’re seeing now is a natural part of the cycle – sure, conditions are shifting, but the way you buy property must shift with it.”
