Australian property market shifts to favour buyers

In Short:
– The Australian property market has shifted to a buyer’s market, with agents actively seeking buyers and fewer off-market opportunities.
– Buyers now have more negotiating power, allowing for flexibility in contract terms and time for due diligence.

Australia’s property market is shifting towards buyers, with lower sales volumes, longer selling periods and fewer off-market opportunities forcing vendors to compete for attention.

Property expert Julian Nicolitsis says buyers have greater negotiating power than six to 12 months ago, particularly in the $1 million-plus market, where higher interest rates and reduced borrowing capacity are weighing on demand.

More affordable properties continue to attract first-home buyers and investors.

Despite softer conditions, population growth and infrastructure investment continue to support long-term prospects, with Melbourne offering comparatively favourable valuations.

Nicolitsis warns buyers against trying to time the market bottom, making unrealistic low offers or relying on outdated sales data, stressing the importance of a strategy based on current market conditions.