Westpac says homes now taking five months to sell – Sydney the worst-off

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The total number of home listings are up by 11,000 over the last year so far, according to the Westpac Housing Pulse for August.

“The main driver is weak sales, which have fallen to a 28-year low, rather than a high absolute number of listings,” the bank says.

Sydney has been hit the hardest from 13 months of falling prices, with middle-ring suburbs faring the worst in the report.

It’s bad news for village operators – longer times to sell the family home means homeowners delay the move into the village.

Geoff Wolf, General Manager of The Cotswolds Village in Sydney’s North Turramurra, which was one of the highest-rated villages in our villages.com.au National Resident Survey, tells us that even their units are taking longer to sell.

“While we have sold similar numbers in 2017 and 2018, the speed of completion is slower,” he said.