Is the Market Starting to Turn?

It may be too early to call a turning point in the property market, but there are signs worth watching.

Over the past week or two, the mood has felt slightly different. Open home numbers have lifted a little, some older listings are getting renewed enquiry, and buyers who had been sitting on their hands are starting to reappear.

That does not mean the market has suddenly taken off. It does not mean every property will now sell quickly or above expectation. But after a period where buyers have had the upper hand and many sellers have needed to be patient, even a modest change in buyer behaviour is noticeable.

One possible reason is confidence.

The global headlines have been unsettling, particularly around the Strait of Hormuz and the effect that had on oil prices. For a time, there was genuine concern about the flow-on effect into petrol, freight, inflation and household budgets. More recently, fuel prices at the pump appear to have eased, with 91 now more consistently appearing under $3 a litre in many places.

That matters. When households see petrol coming down, even slightly, it can change the feel of the week. It does not suddenly make life cheap, but it can ease the pressure a little. Confidence in real estate is often affected by these small shifts. Buyers do not just respond to interest rates. They respond to how secure they feel, how much choice they have, and whether they think conditions are getting better or worse.

Locally, we are also seeing a few signs of renewed activity.

At 1/5 Evelyn Place, the property was on the market for just six days before receiving three offers in a multi-offer situation. It then sold unconditionally above the asking price. It is important to keep that result in context. Well-presented units in good locations remain popular, and not every property will attract the same level of competition. But it does show that when the price, property and presentation are aligned, there are still motivated buyers ready to act.

Across the company, sales activity has also shown a lift. Last week there were 294 sales recorded, the strongest week since 23 April, when 296 sales were made. One week of sales data does not make a trend, but it does add to the sense that buyer activity may be improving.

The other important factor is winter supply.

Many owners still assume spring is the best time to sell. That can be true for some properties, particularly those that rely heavily on gardens, sunshine or outdoor entertaining. But winter can also be a very effective time to list. The reason is simple: there are often fewer homes on the market, which means serious buyers have less choice.

If buyer activity is beginning to lift at the same time listing numbers remain seasonally lower, that can create a better environment for sellers than many expect.

There is also an election later this year. As we get closer to election season, some buyers and sellers may become more cautious, waiting to see what happens. That does not mean the market stops, but it can add another layer of uncertainty. For some owners, acting before that noise builds may be worth considering.

So, is the market turning?

Possibly. But it is early days.

What we can say is that the market feels more active than it did. Open homes are showing a small bump, older listings are receiving fresh attention, fuel price pressure has eased a little, and sales numbers have improved. None of that guarantees a strong rebound, but it does suggest the conversation is changing.

For sellers, the message is not to get carried away. Pricing still matters. Presentation still matters. Choosing the right strategy still matters. Buyers remain selective, and they are quick to move past properties they feel are overpriced.

But for owners who have been waiting for a better moment, winter should not be dismissed.

In fact, this may be one of those periods where the best opportunity comes before everyone else decides the market has improved.