The housing market has cooled, but that doesn’t automatically mean buyers have the upper hand.
According to Cotality, Australia’s median property price was unchanged in May.
That’s a significant shift from the strong growth seen over recent years.
But it’s important to keep the pause in perspective.
The national median remains at a record high, while four capital cities are also at record levels and the other four are not far behind.
Buyers have more leverage, not complete control
Higher interest rates, affordability pressures and economic uncertainty have reduced demand in many areas.
At the same time, prices have generally held up well.
That means buyers may have more opportunities than they did a year ago, but they’re not necessarily finding bargains.
Five ways to approach today’s market
- Get pre-approved before you start searching.
- Focus on value rather than trying to pick the market bottom.
- Compare multiple suburbs, not just one location.
- Be prepared to negotiate.
- Keep some flexibility in your budget.
Markets often change gradually, not suddenly.
If you’re considering buying, I can help you understand your borrowing capacity and position yourself to act when the right opportunity appears.
