The slow sales have defied an otherwise rampant housing market where eager buyers are snapping up homes in record time and prices are skyrocketing. The average Sydney property sold in November was on the market six weeks before changing hands – nearly two-thirds as long as properties sold in August. MORE: Sydney’s best homes of 2019 Suburbs homeowners don’t leave With more buyers in the market following recent interest rate cuts and a 20 per cent annual drop in the number of listings, prices went up by an average of 6.2 per cent over the past three months. Nugal Hall in Randwick has been for sale more than a year.Source:News Corp Australia Coastal suburbs such as Dover Heights, Rose Bay, Vaucluse and Watsons Bay recorded even larger surges, with prices growing by about 10 per cent, CoreLogic data showed. But the extreme seller’s market appears not to have helped everyone. A Gothic-style mansion known as Nugal Hall in Randwick has been for sale since April 2018 but has yet to sell despite nearly $3 million being shaved off the original price. The stone mansion was first listed with expectations of $12 million but selling agent Tony Laing of The Agency… Read full this story
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