Somehow the property market is good for both buyers and sellers right now

A buyer and a seller compare home loans.

Usually, the property market leans one way or another. It’s either great for sellers seeking capital gains because there’s lots of competition, or it’s great for buyers because there are a lot of homes for sale and not much demand – meaning you could grab a property with a cheaper home loan.

However, according to data from property research firm CoreLogic, neither buyers nor sellers have an edge in today’s property market. So what’s going on? And what do buyers and sellers need to know about getting the best deal right now?

Spring sales stock is up

Spring property season is usually Australia’s busiest. Many owners and investors have advertised their properties for sale in the last few months, increasing new listings to over 38,400 in the month leading to 8 October (a +9.7% rise compared to last year). 

This means buyers have slightly more choice this spring, though CoreLogic warns that new listings are still down -3.0% from the five-year average. With more supply up for grabs, however, this tilts the market slightly in the buyer’s favour. 

  • Key takeaway: Depending on where they look, buyers can afford to be picky right now. 

Auction clearance rates are meh

Over half of Australian properties up for auction are selling successfully – not great, not terrible. CoreLogic reports the national auction clearance rate in the month leading to 8 October was 65.2%, down from 66.1% in the month to 3 September. 

A high clearance rate indicates high buyer demand, so a ‘meh’ one means buyers are still showing up, just not everything sells. For a usually frantic market, a clearance rate of 65% is pretty middle-of-the-road. 

Based on raw numbers alone, though, sellers have a slight advantage at spring property auctions – good news for those hoping to sell for a profit. However, CoreLogic data also suggests many properties are selling before auction, especially in hot markets like Sydney and Melbourne. Vendors may be willing to negotiate for the right price, allowing savvy buyers to leap on something they feel passionately about without the stress of going to auction. 

  • Key takeaway: Homes are still selling at spring property auctions, but buyers may have a window to jump the gun. 

Properties are taking longer to sell

CoreLogic says capital city properties took roughly 30 days to sell during the September quarter. While this isn’t enough to make vendors nervous and keen to give a discount, it is a fair amount of time. Buyers aren’t just snapping up whatever comes on sale.

Regional properties, however, took 43 days to sell on average. While regional property was a hot ticket item during the pandemic, the market has softened considerably as the focus shifts back to the cities. Location, location, location, eh? 

  • Key takeaway: City places are selling faster than regional properties.

Vendor discounts have eased

Current vendor discount rates showcase the tension between sellers and buyers. Despite buyers having more choices, vendors are sticking to their guns with higher asking prices. CoreLogic reports the median vendor discount came in at just -3.8%, up from a -4.3% at the end of last year. 

A smart buyer might be able to wiggle in and get the discount they want, but this, combined with a large supply, might mean some sellers in popular markets won’t concede readily. Keep this in mind before asking for a lower purchase price. 

  • Key takeaway: Vendors are more stubborn about their asking prices. 

Home value growth is lukewarm

Property value growth has flattened somewhat in the September quarter, down from 2.4% in the three months to August to 2.2%. The start of the year saw a hot regrowth in values due to cashed-up buyers, but this seems to have softened for spring. 

This could mean a few things. Maybe the cost of housing finance has caught up with first-home buyers, or a larger supply than usual has watered down demand. Either way, it’s another tepid figure for the September quarter. 

The figure is still positive, so housing values are rising. This is great news for sellers who want a nice boost in capital growth or even buyers who want to improve their home equity. If the slowdown continues, however, it could drag things away from the seller’s favour. Watch this space.

  • Key takeaway: Value growth slowed slightly, which is something to watch for buyers and sellers. 

Buying property soon? Compare low interest rate home loans in the table below.

Home loan comparisons on Mozo

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 473 home loans.
Last updated 19 June 2024 Important disclosures and comparison rate warning*
  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • Basic Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.

  • Offset Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.39 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • Discount Variable Home Loan

    • Owner Occupier
    • LVR<70%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    6.01 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    A low rate home loan for owner-occupiers packed with great features including unlimited extra repayments, free online redraw, no application or monthly admin fees. Rate will vary depending on LVR. Winner of a Mozo Experts Choice 2024 Low Cost Home Loan Award^

  • Variable Home Loan 90

    • Principal and Interest
    • LVR <90%
    Interest rate
    6.04 % p.a.
    Variable
    Comparison rate
    6.06 % p.a.
    Initial monthly repayment
    $3,011
    Go to site

    Affordable home loan rate for buyers or refinancers. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 10% deposit required.

  • Fixed Rate Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.09 % p.a.
    Fixed 3 years
    Comparison rate
    6.15 % p.a.
    Initial monthly repayment
    $3,027

    Additional repayments of up to $10K per fixed year. Interest rate discounts available. Waiver of $499 application fee when combined with an Orange Advantage Home Loan.

  • The Better Home Loan Special Offer

    • Owner Occupier
    • Principal & Interest
    • LVR<80%
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.14 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Enjoy a variable rate home loan with a bunch of features from Police Credit Union. Make extra repayments at any time without penalty. No monthly, annual or upfront fees. Free online redraw. Minimum 20% deposit. Qualifying criteria applies. Minimum loan amount is 200K. For new customers only. Mozo Experts Choice Home Lender Credit Union of the Year 2023.

  • Basic Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.

  • Mortgage Simplifier

    • LVR<80%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.17 % p.a.
    Initial monthly repayment
    $3,043

    Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws.

  • Offset Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.39 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.

  • Basic Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR<70%
    Interest rate
    6.25 % p.a.
    Fixed 3 years
    Comparison rate
    6.20 % p.a.
    Initial monthly repayment
    $3,079
    Go to site

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.

  • Fixed Rate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    6.59 % p.a.
    Fixed 3 years
    Comparison rate
    7.06 % p.a.
    Initial monthly repayment
    $3,190

    Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.

image of houses

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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

^See information about the Mozo Experts Choice Home Loan Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

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