by increasing pressure on sellers to negotiate discounts on purchases for their growing property portfolio.
Economists including AMP’s Shane Oliver predict that property prices will fall 15-20 per cent after having risen nearly 29 per cent between the pandemic low in September 2020 and their high in April this year.Some postcodes with special amenities, such as popular school zones or proximity to a beach, continue to maintain their values, says buyers’ agent Kate Hill of Sydney-based Adviseable Property.“It’s a Mexican stand-off,” adds Joanna Boyd, a Brisbane-based buyers’ advocate.
“Listen to what is motivating the seller,” Glossop says. Hill adds: “Can you accommodate a longer settlement or other special arrangements to push the deal over the line?” Owners of unrenovated properties are more likely to agree to a discount, says Glossop. The inflated cost of building supplies and difficulty finding qualified tradies make properties requiring cosmetic, or structural, work less attractive to most buyers, he says.How long has the property been on the market? “Anything more than 30 days and sellers are going to get twitchy,” says Hill. “Find out why it has not been sold.“The seller could be asking too much.
“Unconditional offers are attractive because they indicate the buyer will not pull out from the contract,” says Bakos.“This gives buyers an edge, particularly over first home buyers who are typically more nervous and likely to include more conditions,” she says.