Property buyers remain cautious

A SLOWDOWN in the property market has led to a stand-off between some sellers and potential buyers, according to a Martel Maides director.

Keith Enevoldsen (pictured) said the turnover of property transactions had slowed recently, but so far prices remain unaffected.

This has led, he said, to buyers waiting expectantly for vendors to drop their price, but vendors are refusing to do so, hoping prices will hold or go up again.

'Until one side or the other becomes more realistic, there is an element of a stand-off,' said Mr Enevoldsen. He said this was a natural reaction to a slower market and blamed the credit crunch as one factor.