Buyers gaining negotiating power heading into new year
19/12/2024
Good news for anyone planning to buy in early 2025, with the latest data suggesting conditions have turned in favour of buyers.
During this year’s Spring selling season, sales volumes across the country were 4% lower than the Spring average in 2019-23, according to CoreLogic. At the same time, the median amount of time required to sell a home rose from 28 to 32 days between the August and November 2024 quarters.
All of this points to a market in which, increasingly, vendors are having to compete with other vendors to sell their home, rather than buyers having to compete with other buyers to purchase a property. That suggests there will be pressure on vendors to reduce their asking prices as we head into 2025, which will give buyers more negotiating power.
If you’re thinking about entering the market in 2025, we suggest that you consider:
