VENDORS STRUGGLE TO SELL OLD LISTINGS

The number of old listings has risen sharply in Sydney and Melbourne in May as vendors struggle to find a buyer within a reasonable timeframe amid falling demand according to data from SQM Research.

The number of Sydney homes on the market for longer than six months rose by 9.6% to 4032 in May. In Melbourne, it’s a similar story up 6.3% to 6378. This build-up of older listings will continue to heap downward pressure on prices as the market moves into a correction.

Staggeringly, across the country, there are 49,813 homes on the market for at least 180 days.

According to SQM research managing director Louis Christopher, this number is only going to increase with further rate rises predicted and fewer buyers coming on to the market.

“There are fewer buyers compared to available stock, which means older stock is piling up, and it’s taking longer to sell property.”

Sydney inner west saw the number of homes on the market for at least six months jump by 18.6%. In the eastern suburb, it climbed by 11.4% and on the northern beaches by 24%.

Old stock in the inner east Melbourne rose by 5%, and 11% in the north-west of Melbourne.

Outside of the major east coast markets of Sydney and Melbourne, listings of over 180 days have also increased in Perth, up 3.4% to 4032, while in Canberra they rose 4.8% to 219, and in Hobart by 13.3% to 213.

There was a small lift in older listings in Adelaide and Darwin while Brisbane bucked the trend dropping 5.5%.

Two years ago, fed up with the long drive to the Hamptons, the actress and daytime talk-show host Drew Barrymore started looking for a weekend home in Westchester County.

When she saw a circa-1700s mansion for sale, Barrymore said, she felt a karmic connection to the Harrison, N.Y., property.

“I walked in, and I was, like, ‘I know my family’s been here. I know that I have to work on this house. I know that I’m supposed to be doing this,’” said Barrymore, 51 years old, who lives primarily in Manhattan with her two daughters. “It was like a strange, spiritual calling.”

It turned out she actually did have a connection to the area: Her great-aunt, the late actress Ethel Barrymore, had a home in nearby Mamaroneck, where an enclave known as Barrymore Lane is widely believed to be named for the family.

Barrymore bought the roughly 12-acre estate for $4.4 million, according to property records. She did an extensive renovation; she has a deep interest in interior design and has considered pursuing it professionally. “Between Pinterest, thrifting and a can of paint, there’s nothing you can’t do,” Barrymore said with a laugh.

But roughly two years later, the actress is listing the property for $4.99 million. The renovation took longer than expected, she said, and the family’s lives have changed in the interim.

The estate includes a roughly 5,600-square-foot, five-bedroom main house, a pool and a poolhouse with an additional bedroom, according to Kori Sassower of Compass.

Barrymore said she previously owned a home in Sagaponack, N.Y., but the distance from the city and the weekend traffic to the Hamptons became untenable as her children’s schedules filled up with social and sporting activities.

Harrison, by contrast, offered accessibility and charm. The property, located roughly an hour from Manhattan, is a short drive from picturesque Rye and Bronxville, while nearby Bedford has drawn celebrities. The median sales price for a home in Harrison is around $1.1 million, according to Redfin.

The property’s expansive acreage gave Barrymore a sense of being close to nature. “It’s really like being in your own personal park,” she said. “There are tons of deer. There are pheasants, there are ducks, there are rabbits.”

When she purchased the home, Barrymore said, she thought it would need only a cosmetic renovation. Instead, it turned into a “complete internal gut,” with much of the plumbing, heating and air conditioning replaced, she said.

Barrymore also revamped the ground floor to open up the kitchen, which felt dark and boxed in. “It took a year of engineering to figure out how to accomplish it,” she said.

Barrymore declined to comment on the exact costs of the renovation, but compared herself to actress Shelley Long’s character in the 1986 film “The Money Pit.”

Some of the rooms have maximalist patterned wallpaper, elaborate art walls and heavy, old-fashioned draperies. Others are minimalist. “Every little corner gets scrutinised for what it could be,” she said. “If I see a closet, it’s probably not a closet, it’s going to become some secret hideout for my kid, or I’m going to take the door off and turn it into a sculptural piece.”

In the home’s living room, Barrymore said she cycled through multiple paint colours, including pink and green.

“I painted it all green because I was dying for greenery. And then the summer came, and I was, like, ‘Oh, God, everything is green!’”

She spent time at the property even while it was under construction. When they didn’t have a kitchen, the family cooked dinner on a grill outside and drank boxed water, she said.

When workers were redoing the pipes, Barrymore couldn’t shower. “I lived in the house in the most primitive of scenarios,” she said. “It’s some of my favourite times and memories.”

When Barrymore celebrated her birthday at the property in February, she and two friends decided to grill for old time’s sake, even though the kitchen was fully functional.

“There we were in zero-degree weather with parkas, hoodies, gloves and face masks. But we were, like, ‘We gotta do it. It’s the tradition.”

Barrymore, who grew up in Los Angeles, stars in films like “Never Been Kissed,” “Riding in Cars With Boys” and “Charlie’s Angels.” Her eponymous daytime talk show launched in September 2020.

Sassower is listing the property with her colleague Brian K. Lewis in New York City.

VENDORS STRUGGLE TO SELL OLD LISTINGS

The number of Sydney homes stagnant on the market rose significantly.

The actress, who felt a ‘spiritual calling’ to the Harrison, N.Y., property, is asking $4.99 million for the home.