The Australian property market suffered a considerable dip in new listings in April, showing a decrease of 11.6%. Sydney suffered the largest drop at 23.6%, followed by Canberra (-25.1%) and Darwin (-36.7%). On a national scale, total listings saw a month-on-month decrease of 3.6%, indicating a supply shortage. Despite these decreases, property prices continue to increase, most notably in Sydney, where house prices rose by 1.8% and units sold increased by 0.9%. The national average experienced a modest price increase of 0.3%, demonstrating that property demand persists despite limited inventory.
Renegotiating Opportunity Arising From Increased Old Listings
Nationally, distressed listings have dropped by 3.5%, which also signifies a lack of urgency from sellers, unbothered by the need to sell below market value. Significantly, these older listing properties that have stayed on the market for a longer than ideal duration have increased by 1.6%. In Sydney, old listings rose by 3% while Melbourne saw an increase of 3.2%. These trends open the window for strategic buyers hoping to take advantage of a less competitive market, allowing for versatile negotiations.
Market Activity Expected After an Election
After every election, and once buyer sentiment improves, the market is bound to pick up. However, in terms of logistics, many sellers tend to list their homes for sale only after elections or any political drama is put to rest. So, it wouldn’t be a far-fetched guess to think that May shall see an unparalleled spike in the number of homes available for purchase.
As listings used to sit dormant on the market, sellers have noticed an increase in the number of willing buyers. In today’s hypercompetitive climate, it is vital to be the earliest in seizing the opportunity. In forward-thinking terms, being prepared is the key here, as it will give you the upper hand with consistently aggressive rivals later.
Now, Focusing On What Needs To Be Done
Being late to the party in today’s market comes at a cost. This is important because any increased delays or extensions in time could equate to a lot more making it that much harder to buy a property for potential buyers.
A bonus comes in the form of these off-market listings that are not listed on agent websites or any other platforms. Provided the buyer opts to work with local experienced agents, as any property not listed on public forums has the potential to save a great deal of money
As the market gets ready for a surge in postings following the election, buyers should take this time to prepare. Even though prices are increasing, there are still chances with older postings. Waiting in this scenario could be worse due to the impending heightened costs. Strategic buyers who keep pace with the market will gain off-market access in early May, which is crucial for staying ahead in negotiations against competitors. Local trends will be the main insight to monitor in order to get the most out of atherings and stay ahead of the competition.
Our clients can still secure valuable opportunities with the right strategy. Our Expert buyer’s agents know how to get into tight markets to secure off-market deals for our clients. Get in touch with us at Investmate so that one of our experts can assist you with finding the best options. Call us +61 421 942 049 mail us at [email protected] now to take you action immediately