Regional Queensland homes slow to sell as buyers hold back

Homes in regional Queensland are taking far longer to sell, with falling prices and cautious buyers combining to create what one observer described as a buyer's market with a shortage of buyers.

Laura Robig and her mother Robin, who live together in Bundaberg, have been trying to sell their home for two months. The pair bought the property jointly so they could split the mortgage, council rates and grocery bills. They now hope to move closer to family in North Queensland.

Ms Robig said the sale had seen mixed interest, with some inspections and some quiet periods. She said prospective buyers appeared to be mindful of what they could and could not afford.

Property prices are falling across most of Queensland. The Gold Coast is down about 6 per cent from its peak, with the Sunshine Coast not far behind. Toowoomba has also recorded declines.

Buyers have become more hesitant, and homes are taking longer to sell. The median time on the market for homes in regional Queensland has risen to 43 days, double the time it took 12 months ago.

A property industry source said many buyers were weighing their future finances, particularly whether they could keep up with mortgage repayments if interest rates continue to rise. Others see a chance to snap up a bargain, with room to make offers significantly below advertised prices.

There are exceptions to the downturn. Two luxury off-the-plan penthouses recently sold on the Gold Coast for a combined $58 million.

For buyers, the conditions offer more time, more choice and greater scope to negotiate harder. The missing ingredient, according to the industry source, is buyers themselves.