Home prices are expected to fall further during the spring selling season as vendors are forced to cut the asking price while buyers hesitate to step into a falling property market, say experts.
Buyers advocate Christopher Koren of Melbourne-based Morrell and Koren said when the housing market comes off the boil, as it had done since the start of 2011, it can take 6 to 12 months before vendors realised and adjusted their price expectations.
That gap between a vendor's high asking price and weak buyer interest was a “classic symptom" of a falling market, said Mr Koren
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