Selling a property has become a drawn-out process

It is no secret that the economic downturn has had a hugely negative impact on the Australian property sector.

Banks are increasingly cautious about lending money and people are reluctant to commit to a home loan while there are still question marks about their job security.

According to new figures released by RP Data, the whole house buying/selling process has slowed down considerably, National Features reports.

Selling a home now takes up to twice as long as it did two years ago and properties are now on the market for an average of 77 days. In 2010, it took just 47 days to find a buyer.

The survey also indicated that homeowners are being forced to slash their asking price in order to encourage bidders and the average house is now seven per cent cheaper than last year.

However, research analyst at RP Data Cameron Kusher told the news provider that property stocks have declined in recent months, which may suggest the market is starting to stabilise.

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