Property sales have reached the highest point in years - but the number of unsold homes is at a record high.

Barfoot & Thompson has revealed March was a record month for house sales, but unsold stock numbers have been climbing, with 5300 places unsold in January and 5900 in February but 6200 last month.

Property investment expert Ed McKnight says vendors aren't willing to take risks at this point.

"It's a bit of a game of who's going to blink first - are those sellers going to capitulate to what the market is actually willing to offer?"

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