Australian property market stalls as 73,820 homes languish unsold for six months or more
In May 2026, 73,820 Australian properties had been on the market for 180 days or longer, representing a 10.5% monthly increase according to SQM Research data. The rise reflects a combination of sellers maintaining unrealistic price expectations and buyers withdrawing from the market due to rising interest rates and economic uncertainty. The trend signals a weakening property market, with experts warning that overpriced properties will continue to accumulate if sellers do not adjust to market conditions.
Australian real estate data reveals a significant buildup of stale listings, with nearly 29% of all properties nationally on the market for at least six months as of May 2026. The increase was geographically uneven, with Canberra experiencing a 13.4% monthly rise in old listings, Sydney 10.2%, and Melbourne 9.0%, while Perth and Hobart saw more modest increases. SQM Research managing director Louis Christopher attributed the stagnation primarily to sellers refusing to adjust prices in response to buyer feedback, noting that in a declining market, overpriced properties accumulate rather than eventually selling. Contributing factors include rising interest rates, proposed changes to negative gearing and capital gains tax deterring investors, and hesitant buyer behavior. However, year-on-year comparisons show old listings were down 10.8% nationally, reflecting the stimulative effects of first-home-buyer schemes and rate cuts from late 2025. Property advisors recommend sellers focus on appealing to owner-occupiers rather than investors and ensure properties are appropriately marketed and priced for current market conditions.
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- Sydney Morning HeraldCenter
More properties languish on the market as buyers get the jitters
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