Spring traditionally brings a noticeable lift in property listings as warmer weather encourages vendors to put their homes on the market. This year, however, the seasonal increase may be considerably more restrained. Falling property values, cautious buyer sentiment and uncertainty surrounding interest rates are changing the calculations for sellers, potentially creating a market where well-prepared buyers have greater negotiating power.
Cotality recorded just over 33,000 new property listings during the four weeks to 23 August. While that still represents a substantial number of homes coming onto the market, it was 8.2% below the five-year average for the period and 2% lower than at the same time last year. The figures suggest some vendors are becoming reluctant to sell into weaker conditions unless they have a compelling reason to move.
The shortage of fresh listings is particularly evident in Sydney. New listings across the city were more than 14% below the five-year average, representing the largest shortfall among the major capitals. Melbourne was more than 9% below average, while Brisbane recorded approximately 5% fewer new listings than would normally be expected at this point in the year.
Adelaide has moved against the broader trend. New listings there were around 4% above the five-year average, although buyer demand has eased from the elevated levels recorded toward the end of 2025. The result highlights how individual capital city markets can move at different speeds, even when broader economic conditions are affecting buyers and sellers nationally.
Conditions heading into this spring are also quite different from those experienced a year earlier. The property market is now several months into a downturn, borrowing capacity has reduced and prospective purchasers have become much more selective about what they are prepared to buy and how much they will pay.
That change in buyer behaviour can influence the number of properties reaching the market. Owners without an urgent reason to sell may decide to wait rather than risk accepting a price below their expectations. Some may postpone upgrading, downsizing or selling an investment property until they believe conditions have improved.
At the same time, properties already advertised for sale may remain available for longer when vendor expectations have not adjusted to current market conditions. A seller basing their price expectations on sales achieved during stronger periods may struggle to attract offers from buyers who are now assessing comparable properties against a softer market.
For purchasers, this creates a different negotiating environment. A quieter spring does not necessarily mean there will be an abundance of properties to choose from, but reduced competition among buyers can still provide an advantage. Properties that might previously have attracted numerous offers could receive fewer serious inquiries, giving prospective purchasers additional time to complete due diligence and consider value.
Longer selling periods can also strengthen a buyer’s position. Vendors who have already spent several weeks on the market may become more willing to negotiate, particularly when they have committed to another purchase or have a deadline influencing their sale.
Well-funded buyers may be especially well positioned. A purchaser with finance organised, a clear understanding of their budget and the ability to make an uncomplicated offer can become attractive to a vendor who values certainty. In a slower market, the strongest offer is not always simply the highest price. Settlement terms, finance conditions and the purchaser’s capacity to proceed can all influence negotiations.
Patience may therefore become increasingly valuable. Buyers who feel less pressure to compete immediately can inspect more properties, compare recent sales and wait for opportunities where a vendor’s expectations have become more realistic. That contrasts with rapidly rising markets, where waiting can mean watching comparable properties become progressively more expensive.
There is nevertheless an important distinction between reduced competition and genuine value. A property does not automatically become a good purchase simply because fewer people are bidding for it. Poor location, compromised land, substantial maintenance requirements or limited future buyer appeal can remain weaknesses regardless of broader market conditions.
Careful property selection should therefore remain central to any purchasing decision. Buyers should consider recent comparable sales, local supply, property condition, neighbourhood characteristics and likely long-term demand rather than focusing solely on the possibility of negotiating a discount.
A subdued spring could ultimately reward purchasers who combine patience with preparation. Fewer competing buyers, longer campaigns and vendors gradually adjusting their expectations may create opportunities that were difficult to find during the strongest stages of the market.
The key will be recognising the difference between a property that is simply cheaper than it was several months ago and one that represents genuine long-term value. Buyers who remain disciplined, understand their financial limits and are ready to act when the right opportunity appears could find the balance of negotiating power increasingly moving in their favour.
