September has seen the Central Coast property market continue to shift towards more balanced conditions, with buyers becoming increasingly selective and taking more time before making a decision.
With more properties coming to market through spring, buyers now have greater choice and are conscious of not overpaying. However, the buyers we are meeting are generally genuine and motivated to purchase – they are simply doing more research, comparing their options and waiting for the right property.
For sellers, presentation and pricing are becoming increasingly important. Well-presented homes that are priced correctly are still attracting strong interest and achieving excellent results, while properties that miss the mark can take longer to sell.
Yesterday, the Reserve Bank increased the cash rate by 0.25% to 4.60%, taking interest rates to their highest level in 15 years. This will likely add some further caution to the market in the short term.
Interestingly, the changing market is also creating opportunities. We are speaking with more homeowners who have wanted to move for several years but have been reluctant to sell because of the pressure and competition of a fast-moving market. With more properties available and buyers having more time to make decisions, selling and buying in the same market can now feel much more manageable.
As we move further into spring, we expect more property to become available and buyers to remain selective. While the market has certainly changed, genuine demand remains, and quality homes that are well presented, well priced and well marketed continue to stand out.