Property market predicted to favour buyers in 2025
Australia’s median property price fell by 0.1% in December, after 22 consecutive months of growth, according to CoreLogic. So while most property markets tended to favour sellers in 2023 and 2024, they’re likely to favour buyers in 2025.
With that in mind – subject to local market conditions – there’s a good chance you can be more calculating in your property search. Reduced buyer competition will give you more time to shop around and conduct due diligence. It will also give you more scope to ask vendors for discounts and more favourable settlement terms.
There are several steps you should take before you start home-hunting. Try to restrict your spending, to make yourself look as creditworthy as possible in the eyes of lenders. Also, order a free copy of your credit report and look for errors: if you find any, apply to have them removed, otherwise they might affect your credit score.
Most importantly, apply for a home loan pre-approval before you attend open homes, so you know what your budget will be. I can help you with that.
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