Property prices may remain high, but changes in some key fundamentals are now helping it to swing toward a buyer’s market in some locations.
CoreLogic head of research Tim Lawless says price growth (the national average) has eased, listings are up and purchasing activity is down, theoretically creating a better position for buyers - although the situation varies from one location to the next, with prices still rising in most cities and regional markets.
CoreLogic data shows the number of listings, at the national level at the end of 2024 was 3.8% higher than at the same time in 2023. It says total stock levels accumulated through spring and early summer. Total listings in Sydney, Melbourne, Brisbane, Adelaide, Perth and Canberra ended 2024 higher than at the same time in 2023. Listings were lower in Darwin and Hobart for the same period.
Days on the market (the national average) are also increasing. During much of 2024, the median time on the market was 28 days, which increased to 33 days in the December quarter. Again, there are regional differences.
Lawless says although selling conditions have rebalanced in favour of buyers in some places, the median vendor discount rate tightened slightly in 2024 to -3.6% in the three months to December 2024 compared with -3.8% a year earlier.
“This suggests that sellers have been relatively realistic when setting initial listing prices and have become more willing to meet the market,” he says.