Fernando Vanegas Alvarez and Esther Vuitrago are just one of many couples who have pulled their home off the market to wait for a better time to sell.
The pair have lived in their Ellen Grove house for four years, now looking to downsize after using it to raise their family.
But after a month on the market with no sale in sight, Mr Alvarez said the pair realised they would need to try again another day.
“It was a bit demoralising,” he said. “If we sold this house, what we’d buy is going to be a lower standard than this house for the same amount of money.”
Fernando Vanegas Alvarez and Esther Vuitrago removed their Ellen Grove home from the market, after a month with no sale in sight. Picture: Liam Kidston
Sellers across Brisbane have had to rethink selling their home amid a shake-up to the nation’s property market.
Brisbane’s median home price dropped for the first time in three and a half years over June, while clearance rates hit their lowest in Queensland since the rampage of ex-cyclone Alfred.
Exclusive FoundIt Property research discovered nearly two thirds of Brisbane’s homeowners withdrew their homes from the market after not selling in 75 days.
Brisbane’s median home price has dropped for the first time in years and clearance rates are at their lowest this year, putting people off the property market.
Mr Alvarez said his eldest son planned to move out of the house, and the family was now looking for a smaller unit closer to their youngest son’s high school catchment.
“We were thinking about a two to three-bedroom apartment or townhouse,” he said.
“We knew the market was cooling down … [but] by the time that it took us to put the property on the market, that was a month and a half, and things changed pretty quickly since then.”
The majority of homeowners who cannot sell within three months are quietly taking their homes off the market.
Mr Alvarez said he and Ms Vuitrago would either wait to relist their home and make the most of their property’s value, or rent the house out and rent in an apartment themselves.
“When we saw that there was little interest, we decided to learn a little bit more about the market,” he said.
“We were exploring different options, and we learned about investment opportunities. So I guess that was a good outcome.”
Mr Alvarez and Ms Vuitrago said they would now take their time to figure out what to do with the house, and were considering renting it out. Picture: Liam Kidston
The home’s online listing was recently removed, having ran since June 1 with Image Property Brisbane Southside.
Agent Navin Chandra said while homes such as Mr Alvarez’s property had stalled on the market, downsizer homes were still seeing attention.
“We’re still seeing a lot of competition from investors and first-home buyers,” he said. “That’s putting prices from the lower end up.”
Smaller apartments and first-home buyer properties are still reportedly seeing competition, while larger family homes are being left neglected.
“For Fernando and Esther’s property, I would average maybe one to two inquiries a week at the start of the campaign, and then it completely died off.”
“I said, ‘You have the option of dropping your price to where, personally, I don’t think it makes sense … if it were me, I’d wait to revisit the market to when the market is a bit warmer.’”
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