As we close out June, our property market is continuing its transition, and much of the current sentiment is being driven by media headlines that continue to come thick and fast about a weakening market. This week, we saw reports highlighting that auction clearance rates have dropped below Covid-era levels.
This non-stop media cycle has understandably frozen a lot of buyers in their tracks, leading to a hesitant, deeply cautious environment. On the ground, we are dealing with a very slow transaction process. Open inspection numbers are down, and because there is so much noise about cooler selling conditions, far fewer people are willing to buy a property before selling their current one. Most buyers now want to secure a sale on their own home before making an offer, which has naturally put the brakes on market momentum.
We have to be honest about the realities of the market. This would have to be considered one of the lowest points in market conditions we have seen in quite some time. While the sales we are achieving demonstrate that decent outcomes remain possible for the right properties, there is no question that prices have adjusted, and adjusted significantly, in recent months.
We are also now into the winter school holiday period. Enquiry levels have eased, as they traditionally do at this time of year, but because properties are taking longer to sell, we are still carrying a very reasonable level of stock. Days on market have extended, giving buyers something they have not had in years: time and choice.
This brings us to the flip side of this cycle. If you have the financial means or have been planning to make a property move in the next six months, right now is an exceptionally good time to be actively looking.
When the market is frozen by headlines, it creates a unique window of opportunity. Sellers are actively adjusting their pricing to meet the current market, meaning you might be genuinely surprised by the value on offer and the quality of properties available.
It is well worth getting a temperature check of conditions right now, observing the value on the ground, and stepping forward while the normally strong volume of buyers have stepped back.
You would be surprised how quickly this year is going to close out. We are already plotting sales campaigns into October, which means we are on the ground this winter, reading conditions in real time and planning ahead. If you want to discuss strategy and timing, we are available to provide straight guidance on what makes sense for your situation.
