The Sydney property market is experiencing a notable shift as more homes hit the market.
In December, listings in Sydney rose 19% year-on-year, reaching their highest levels in six years.
This surge in supply is providing prospective buyers with greater choice and negotiating power.
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Interestingly, about 30% of the homes currently on the market were purchased during the COVID-19 boom of 2021 and early 2022.
As these owners look to sell, more vendors accept lower offers after struggling to achieve their initial asking prices last year.
This trend isn’t limited to Sydney. The combined capital cities recorded the highest number of homes for sale in three years, contributing to softer property prices.
Domain’s Chief of Research and Economics, Nicola Powell, noted, “The tide has changed for choice,” adding that Sydney will likely lead slower market conditions this autumn.
For buyers, this represents a unique window of opportunity. With borrowing costs expected to ease once the Reserve Bank cuts interest rates, competition may quickly rebound, reducing the current stock surplus.