Recent property market highlights from CoreLogic‘s August Pack estimates that national home values have eased to 1.7% over the rolling quarter, down from the cyclical high of 3.3% recorded through the June quarter of 2023. This decrease could suggest a cooling market, opening up opportunities for savvy investors to purchase properties at more favourable prices. For first-home buyers, the easing values may provide a more accessible entry point into the market, making the dream of owning a home more achievable.

Record Highs in Major Cities

Cities like Sydney, Brisbane, Adelaide, and Perth are currently witnessing record-high dwelling values. Perth, in particular, had the highest monthly dwelling value increase in July at 2.0%, taking its annual increase to a remarkable 24.7%. Brisbane followed closely with a 16.0% annual increase, and Adelaide at 15.5%. For investors, these cities present a prime opportunity for growth, with potential for strong rental returns and property appreciation. However, for first-home buyers, these markets might pose a challenge due to high prices. Exploring suburbs in these cities that are yet to reach their peak could offer more affordable options.

Increasing Days on Market

The average days on the market have increased to 33 days in the three months to July, up from a low of 27 days in the three months to April. Longer selling times, particularly in Sydney, Melbourne, and Hobart, are driving this increase. For property investors, this could mean greater negotiating power, allowing for potential price reductions and strategic buying. First-home buyers can also benefit from a slower market, as it gives them more time to assess their options and negotiate the best possible deal.

Vendor discounting trended slightly higher in July to 3.7%, up from 3.6% in June, reflecting a market slowdown and the increased need for vendors to negotiate to secure a sale. This trend can provide an edge to buyers in the market. Investors may find this an opportune time to purchase properties at discounted prices, while first-home buyers can take advantage of the room for negotiation to secure a property within their budget constraints.

Steady Listing Levels

In the four weeks to 4 August, new listings totalled 36,973 nationally, 1% higher than the same time last year and 7.7% above the historic five-year average. Total listings remain steady during the traditionally quiet winter period, suggesting a consistent demand for properties. For investors, this steady flow of listings implies a stable market with ample opportunities to diversify their portfolios. First-home buyers can benefit from a consistent supply of new properties, offering a variety of options to choose from.

As the Australian property market continues to shift, staying informed about current trends and market opportunities is crucial for both property investors and first-home buyers. By understanding these insights, individuals can make well-informed decisions to navigate the complexities of the real estate landscape and achieve their property goals.