Vendors forced to relist homes as buyers walk away from last-minute deals

Key points

• Buyers are backing out of home deals at the last minute as property markets cool, leaving vendors to relist their homes, according to the Real Estate Buyers Agents Association of Australia. REBAA president Zoran Solano said some deals have collapsed even after auctions, as buyers fear overpaying or prices falling further.
• Solano said collapsed sales can cost vendors momentum, extra marketing expenses and a stigma when a property returns to market.
• Westpac research found many Australians see now as a bad time to buy or sell, while InfoTrack reported buyers moving to regional areas as borrowing power weakens.