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Sold on paper, back on the market: The new buyer trend raising red flags
Sellers are increasingly being left blindsided as buyers walk away from agreed deals and auction wins, leaving them uncertain whether their properties will sell.
As the property market continues to slow, agents across the country have seen a surge in buyers second-guessing their decisions and pulling out at the last minute.
REBAA president Zoran Solano said more sales were falling through after buyers agreed to a deal or won at auction, forcing agents to relist properties and leaving vendors in the lurch.
“In the past few months, we’ve seen deals fall over at the 11th hour, and it’s happening more often than people realise,” Solano said.
He said that recently, an agent had reached an agreement and was preparing to sign the contract, only for the deal to fall through 24 hours later, ultimately putting the property back on the market.
“That’s the reality right now. Buyers are getting cold feet, they’re panicking, and they’re walking away from contracts they’ve already agreed to.”
Cotality data showed that capital city homes now take a median of 39 days to sell, up from 23 days a year ago, putting campaign strategy to the test.
Additionally, SQM Research report showed that old listings, defined as six months or older, increased 2.3 per cent nationally across September, now making up 28 per cent of listings nationwide.
“It’s incredibly destabilising for vendors and sales agents,” Solano said
A common pattern
Solano said hesitation typically intensifies as market conditions soften, with buyers second-guessing expected to define this year’s spring selling season.
He said fears of overpaying and price easing have been driving buyers’ decisions, with many trying to time the market bottom.
“Buyers are terrified of buying today and seeing a similar property sell for less at Christmas,” he said.
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“That fear is paralysing people, and it’s causing chaos for vendors and sales agents who think they have a done deal.”
To counter buyers dropping at the 11th hour, Solano said selling agents have increasingly been seeking out buyers’ agents who have a better understanding of the market.
“In this market, legitimate, pre-approved, and motivated buyers are few and far between, so, when we say a buyer is ready, the agent knows the deal will actually stick,” he said.
Solano said the current conditions presented opportunities for buyers who understand how to navigate a shifting market.
“This is a market where negotiation matters, where due diligence matters, and where professional guidance matters,” he said.
“The buyers who stay calm, stay informed, and stay strategic are the ones who will come out ahead.”
Solano said that while the property market has been slowing down, it was part of a cycle, and buyers shouldn’t make decisions based on fear or headlines,
“What we’re seeing now is a natural part of the cycle – sure, conditions are shifting, but the way you buy property must shift with it.”
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