Australia’s spring auction season may have come to a close, but hopeful buyers shouldn’t despair – the property market is far from finished, according to NAB.
While the season is typically marked by weekly auctions, fierce competition, and adrenaline-filled bidding wars, savvy buyers know that opportunities extend well beyond spring’s final hammer fall.
The final auctions for 2024 are set for Dec. 21, capping off a season that saw solid activity but also many properties left unsold.
According to CoreLogic, national clearance rates settled around 59% this spring, a noticeable dip from 64% the previous year. This unsold stock will carry into the New Year, giving buyers additional chances to secure a home.
According to NAB, while many assume the property market slows during January, it’s often a golden opportunity for determined buyers.
Properties that didn’t sell during spring remain on the market, and with fewer active buyers during the holidays, competition is considerably lower. This creates ideal conditions for negotiation, especially for homes passed in at auction or quietly listed off-market.
“Savvy buyers know it’s the perfect time to negotiate more persuasively for stock that hasn’t sold during spring and explore off-market opportunities,” said Denton Pugh, NAB executive for home lending.
Behind the scenes, real estate agents remain busy during January, testing the market and sharing pre-listing opportunities with buyers who stay engaged and build relationships.
Come February, the market kicks into gear. Families return from holidays, sellers re-enter the market, and fresh listings surge.
NAB data revealed that home loan approvals in February typically rise by 42% compared to January. Additionally, historical trends show that property listings more than double by the end of February, providing buyers with a wider range of choices.
However, this renewed activity also means a return of heightened competition. Buyers who use the quieter weeks to prepare – updating budgets, securing pre-approvals, and researching their target suburbs – will be in the best position to act swiftly.
While spring auctions may feel like a sprint, property success requires a marathon mindset.
Strategic buyers understand that quieter periods like January are not for switching off but for staying ahead of the curve.
Pugh advised buyers to strike a balance.
“Take a breather during the festive season – enjoy time with family, enjoy the barbecues, enjoy the beach – but stay prepared,” the NAB leader said. “Your perfect home might be just around the corner.”
Whether it’s seizing January’s hidden opportunities or positioning yourself for February’s fresh listings, the property market remains full of promise for those ready to act, NAB said.
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