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%.

A 120-acre property 35 miles outside of Nashville, Tennessee, is selling off market for $30 million, making it the second-most-expensive home for sale in the state.

Located in Franklin, about 20 minutes from downtown, Cortina Farms is both a private residence and an event venue, which charges up to $56,000 to rent for the day, according to Compass, which is marketing the pocket listing. Erin Krueger holds the listing.

The only residence on the open market with a higher price in Tennessee is another Franklin property, which spans 749 acres and is asking $37.5 million.

Cortina Farms takes design inspiration from the Italian countryside, with stonework heavily featured around the verdant grounds.

The main house, with a stone exterior and a shingled roof, has approximately 2,500 square feet of living space, with three bedrooms and two bathrooms. Outside, there’s a covered back porch, an outdoor grill, a pool and a hot tub. There are also two guest apartments off the main house, each with a bedroom and a full bathroom.

In addition to its event business opportunities, the property is also designed for an equestrian, with two barns featuring a total of 12 stalls. Near the stables are four large fenced pastures that equal about 10 acres.

Other amenities include a wellness center, a party barn with a catering kitchen, an amphitheater, two lakes stocked with bass and catfish, and a helipad. Scenic trails for walking, running or ATV riding meander throughout the property past creeks, mature trees and waterfalls, according to information provided by Compass.

The property last traded hands in 2021 for $9 million, records on PropertyShark show. The owners weren’t available for comment.

The Nashville metro area has become a luxury real estate hot spot over the past few years, largely attracting people from Los Angeles as well as other out-of-state buyers looking for properties with a large amount of acreage.

VENDORS STRUGGLE TO SELL OLD LISTINGS

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

$30 Million Nashville-Area Estate Quietly Looks for a Buyer.