Have Vendors and Buyers Moved with the Blue Mountains sale Market?

Have vendors moved with the Blue Mountains sale market or are they still expecting to secure a buyer at last years prices? It’s a tough market out there, we are feeling the effects of the Banking Royal Commission, lending is tight with borrowers having to jump more hoops than they were having to 12 months ago. Sydney has just reported its 10th consecutive month of price drops and auction clearance rates are way down on same time last year. It’s a buyers market and there are certainly buyers out there however they are cautious and savvy and they will wait if they have to. Vendors are needing to adjust their expectations to meet the market. Keep in mind that pricing correctly, in the beginning, can often reap a greater reward than having to drop your price 3 months down the track. We are in a flattened sector of the market, it’s nowhere new just different to what we have become comfortable with. In the Blue Mountains, the top end seems to be holding much better than the lower end. We are seeing more properties in the $500,000 – $600,000 range hit the market but they are still sitting on the market for weeks and often months.