Home hunters have considerably more stock to choose from than earlier in the year, putting buyers in a stronger negotiating position.
SQM Research has reported that the total number of listings across Australia in August was 7.9% higher than the month before and 11.1% higher than the year before, while the number of new listings (those less than 30 days old) rose 11.8% month-on-month and 8.5% year-on-year.
“Going forward, the spring selling season will provide a significant level of choice for buyers, particularly in Sydney and Melbourne, with listings at their highest levels in some years,” according to SQM Research.
This is good news if you’re thinking about buying a property, because it means you’ll face less competition from other buyers. But it’s not such good news if you’re thinking about selling, because you’ll face more competition from other sellers. As a result, buyers will be encouraged to make lower offers and sellers might be forced to settle for less.
