Through spring, we’ve seen an increase in stock levels, giving buyers more choice whilst creating a slight softening in market conditions and sentiment. Some buyer fatigue has started to set in with more expected after Melbourne Cup day, as people usually start to switch off at this time of year. However, we stay vigilant - actively seeking and identifying the best opportunities to benefit our clients.
As a result, conditions are currently slightly favouring buyers in many instances. However, A-grade properties remain in demand, as they are always somewhat scarce. We firmly believe there is a good opportunity for buyers to make a purchase between now and Christmas if they’re financially and emotionally prepared to do so.
In terms of the new year, it usually opens up with a stronger level of momentum and buyer enthusiasm. Many forecasters have been predicting interest rates to be cut early in the new year. However, the more recent news cycles suggest this may be pushed out until after the Federal election. How this pans out remains to be seen. Either way, we always see new energy and higher activity after the Christmas shut down and a new wave of buyers entering the market.
Each buyer’s situation is unique and there is no one-size-fits-all answer when it comes to the Sydney property market. While your borrowing power may increase in the new year, so will that of other buyers. As such, you need to decide if you would like to buy in relatively less competition, or in our view, more competition for quality homes.
In summary, right now does offer some good buying opportunities for buyers that are ready to go. We’re unsure what 2025 will bring but if we had a crystal ball, we would expect with rate cuts getting closer and peoples borrowing power potentially improving, there’s likely to be more competition for buyers than less.
For tailored advice, feel free to reach out to us at Mayfield Property Buyers—we’re here to help you navigate the complexities of the market and find the right timing for your purchase.