Certified Practicing Real Estate Agents chairman Geoff Baldwin said while the market has slowed ahead of Christmas, there is now a “short but attractive opportunity for property buyers to negotiate harder and save thousands”.
Real estate markets generally slow from November through to at least mid-January, during which they become “considerably more negotiable”, he said.
Mr Baldwin said the festive season also coincides with a rise in listing stock due to buyer inactivity. Some sellers are keen to get their sale out of the way before the new year, he added.
“While sellers who are not under pressure for a result will wait out this short-term slowdown, it is also not unusual to see others keen for a result drop their price expectations at this time of year,” he said.
“Sellers who are upgrading understand that they may accept less on their current property but they will also benefit when negotiating their next home.”
Mr Baldwin said experienced investors know that it’s best to get in before the new year and take advantage of the slowdown.
“Each year around the third week in January, we see buyers re-enter the market in force, and it is predicted that this coming January will be no exception. So, those who are keen to take advantage of the lull should be taking action now.”