Buyers are back in the driver’s seat with surging property listings across the country providing more opportunities and reduced competition.
A report by MCG Quantity Surveyors has found that some of the areas that have seen listings rise include Sydney’s Bringelly-Green Valley and Rouse Hill-McGraths Hill, as well as Melbourne’s Cardinia and Gippsland.
Managing Director of MCG Quantity Surveyors, Mike Mortlock said that listings have doubled in many areas.
“Buyers are now in a better position than they’ve been in for years,” Mr Mortlock said.
“Higher interest rates and slowing immigration have softened demand, giving buyers greater negotiating power.
“In regions like Bringelly-Green Valley and Rouse Hill-McGraths Hill, where listings have surged over 100 per cent, the market has clearly shifted in favour of buyers.
“This means more negotiating power and better access to properties that were previously hard to secure due to fierce competition.”
Bringelly-Green Valley, has had a 162 per cent rise in listings over the past 12 months with 1,680 houses now on the market compared to just 641 a year ago.
The median sale price in Bringelly-Green Valley has remained stable at $1.07 million, with properties typically spending around 32 days on the market.
Similarly, Rouse Hill-McGraths Hill has seen a 128 per cent increase in listings, offering buyers more options in a market that was previously marked by intense competition.
In Melbourne, outer suburban areas like Cardinia are also experiencing a surge in listings, with a 74 per cent rise over the past year.
There are now 931 houses on the market, providing buyers with greater choice.
The median house price in Cardinia has seen minimal growth, sitting at $700,000, but this stability is offering an attractive entry point for first-home buyers who were previously priced out of the market.
Victoria’s Gippsland region is also seeing a surge in supply, with listings up 71 per cent over the past year.
While the median sale price in Gippsland has softened slightly to $650,000, the region still offers solid rental yields of 3.6 per cent, making it an attractive proposition for investors.
Regional and coastal markets are also seeing a similar trend.
In Queensland, Ipswich Inner has experienced a 42 per cent increase in listings and the Gold Coast’s Ormeau-Oxenford region has seen a 26 per cent increase in listings.
Western Australia is also experiencing a shift, with Perth’s Wanneroo and Stirling regions seeing listings rise by 52 per cent and 45 per cent, respectively.
Wanneroo, in particular, has become an attractive market for buyers, with the median sale price increasing from $527,000 a year ago to $670,000 today.
“The Australian property market is undergoing a significant shift, with increased supply creating a more balanced environment for buyers,” Mr Mortlock said.
“Whether you’re a first-home buyer, downsizer, or investor, now is a great time to explore the opportunities presented by this surge in listings.”
