Property prices have now eased for five months in a row, with Sydney's median value falling 1.4% in August to around $1.2 million. For buyers that can feel like an opportunity, and for sellers it can feel like bad news. In reality, it is a bit of both, and how it plays out for you depends on what you are planning and how well prepared you are.
Australian Bureau of Statistics data shows new building approvals fell 3.6% in July. Most of that came from a 4.2% drop in approvals for detached houses after a strong June, while apartment and townhouse approvals slipped by just 0.4%. Approvals are still 6% higher than a year earlier, but the slowdown makes the federal target of 1.2 million new homes by mid-2029 harder to reach.
Values are moving in the same direction. Cotality's figures show national home values fell 0.9% in August, taking the national median to $912,885, with prices easing in 93% of suburbs across the country.
Info: Higher interest rates, global uncertainty and talk of changes to property tax concessions have all slowed the market's momentum this year.
The downturn started in premium inner-city markets and is now spreading into middle and outer-ring suburbs. Cotality's research director, Gerard Berg, has pointed out that buyers who plan to hold a property for the long term may not benefit from waiting for the absolute bottom of the market, because less competition right now already works in their favour.
A softer market gives you more room to negotiate on price, and also on the terms of the contract. That room is only useful if you know what you are agreeing to, which is why I always recommend having the contract reviewed before you make an offer, while you still have leverage.
When we review a contract, we look closely at:
Tip: Send us the contract as soon as a property catches your eye. We review contracts within 24 hours, so you can negotiate with confidence before you commit.
When prices are easing, campaigns tend to run longer and buyers look more closely at the detail. A clear, accurate contract keeps your sale on track and gives buyers fewer reasons to hesitate.
In NSW, your contract of sale needs to be ready before the property goes on the market. Starting early means your agent can launch the campaign without delay, and anything unexpected in the title searches can be sorted out before a buyer finds it.
Note: If you can, speak with us before you choose an agent. Preparing the contract early gives you time to deal with any surprises calmly.
First home buyers in NSW may be eligible for a stamp duty exemption or concession, depending on the price and type of property. The thresholds change from time to time, so it is worth confirming where you stand before you exchange. We check your eligibility as part of your conveyancing.
That depends on your finances and plans, and a mortgage broker or financial adviser is best placed to help you decide. What the data does show is that competition has eased in many areas. Whenever you buy, our job is to make sure the contract protects you.
Often, yes. The settlement period, deposit and special conditions can usually be negotiated before exchange. We explain the key terms and raise any changes with the agent or the vendor's solicitor on your behalf.
Most residential purchases in NSW have a five business day cooling-off period after exchange. It does not apply to auction purchases. If you withdraw during cooling-off, you forfeit 0.25% of the purchase price.
We review contracts within 24 hours, so you can move quickly when the right property comes up.
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