Buyers ditch property deals as market cools, agents warn

Key points

• Buyers are increasingly backing away from property deals as market conditions soften, according to the Real Estate Buyers Agents Association of Australia. Its president, Zoran Solano, said some buyers have withdrawn after verbally agreeing to terms or winning auctions.
• Some deals have collapsed just as contracts were close to signing, forcing agents to restart negotiations. Mr Solano linked the trend partly to buyers fearing they will overpay if prices keep falling.
• He pointed to rising vendor discounting, longer selling periods and more withdrawn listings as signs of change.