‘Scared to buy’: Why Brisbane property deals are falling over

Two failed contracts and a growing reluctance among buyers to sell their existing homes have put Brisbane couple Jo and Steve Williamson’s acreage dream on hold. The pair have been trying to sell their extensively renovated Albany Creek home since July, attracting plenty of interest and offers in the low-to-mid $1.5 million range. But one contract collapsed over finance and another fell through when the buyers couldn’t sell their existing home. Jo and Steve Williamson are selling their family home in Albany Creek. Photo: Steve Pohlner. Jo and Steve Williamson in their beautifully renovated home in Albany Creek. Photo: Steve Pohlner. Their asking price has since been reduced from $1.595 million to offers over $1.475 million. Selling agent Simon Whitehead, of Place Estate Agents, said buyers were increasingly reluctant to commit to a purchase, even when they had substantial equity and bridging finance approved. “A lot of buyers I’m seeing have bridging finance approved, but they’re worried they’ll buy now and sell their existing home for less than it’s worth,” Mr Whitehead said. Even those with strong equity and good incomes were scared to jump in and buy, he said. Mr Whitehead said ...