The market is quieter. That doesn’t mean it’s stopped.
After a short break from my market updates (no, it wasn’t a sabbatical in Europe), I thought it was worth sharing what we’re seeing on the ground.
There’s no doubt conditions have become more challenging over the past nine months.
Higher interest rates, ongoing economic and political uncertainty, and a more cautious buyer mindset have all played their part.
Buyers are taking longer to make decisions, asking more questions (some very creative ones), and generally wanting a bit more certainty before jumping in.
The biggest challenge today isn’t a lack of buyers. It’s the gap between buyer and seller expectations.
Many buyers still feel they have the upper hand.
While some sellers are remembering what the house down the road sold for in 2021 and thinking, “We’ll have some of that.”
Buyers seem to have forgotten the bit where interest rates were almost zero and every second Zoom auction was selling $300,000 over reserve after someone inspected the house once… for about five minutes… wearing a mask.
The encouraging part? Quality homes are still attracting strong competition.
We’re fortunate to specialise in period homes, architectural residences, and family properties across Stonnington.
These homes remain highly sought after, particularly as the supply of genuinely good listings has tightened.
Yes, there are some properties sitting around a little longer than they’d like (usually for obvious reasons), but well-presented homes that are priced sensibly are still selling. And selling well.
History also reminds us that property markets can turn surprisingly quickly.
Prices often start moving before confidence does.
We saw it after the 2019 election, again post the initial COVID freak out, and after the 13 rate rises in 2022-2023.
By the time everyone feels comfortable again, the market has usually already moved.
We’re already seeing some encouraging signs.
Team Fetter/Sciola completed more than 120 sales during the past financial year (slightly above our six-year average).
July has started strongly with seven sales already done and a solid pipeline of campaigns launching through August and September.
We’re also seeing plenty of owners quietly testing the waters off-market before committing to a full campaign… a strategy that continues to work well in the right circumstances.
Over the school holidays we sold four homes off market across Toorak, Malvern, and Prahran.
So while properties are still transacting, there is no doubt that prices have come off in the last six months. Not many vendors are getting what they want.
But I still wouldn’t call it a buyers’ market as quality stock is scarce.
It will be interesting to see how this spring plays out leading into the state election, and whether we see a swift recovery afterwards.
For weekly property walkthroughs, off-market opportunities and local market insights, follow along on Instagram → @davidsciola
Feature Property: 13 Hume Street, Armadale
David Sciola 