‘Read the room’: Agents warn home sellers to drop prices

Real estate agents are struggling to convince sellers to slash their price expections, as buyers disappear from open homes and auction clearance rates plunge across South East Queensland. Ray White Malan + Co principal Michael Andrews said buyers were no longer prepared to offer more than what they believed a property was worth, leaving sellers to decide how quickly they were willing to adjust to the new market. This apartment at 2001/3 River Dr, Surfers Paradise, has had its price reduced from $4.95m to $3.15m. “Buyers aren’t coming up any more than where the perceived value is, so it’s about owners accepting where the new market values are,” he said. “The ones doing it quicker are the ones getting what is proving to be premium prices.” Mr Andrews said the consequences of holding out could be significant, with buyer inquiry dropping away as campaigns dragged on. While the auction clearance rate at 28 days was still about 68 per cent on the Gold Coast, he said after 45 days the chance of selling had fallen to just 21 per cent. This house at 113 George Street West, Burleigh Heads, has had its price reduced from $10m to $8.295m. The slowdown has become such a sensitive topic that one...