Episode 21: The Roundtable: Sydney Property, No Filter

I'll start with Shannon.

In just one sentence, what is actually happening in the property market right now?

Significant deterioration of the market.

What does that mean?

The market metrics that we all in the industry and all in real estate have relied on for so many years have now gone, and as a result, understanding where the market actually is is a very difficult process to go through at the moment.

So what, what are the metrics that you're talking about?

Buyer behavior, buyer decision-making, pricing and value of property as we know it has changed dramatically as buyer confidence has deteriorated, buyer demand has deteriorated, and an event is happening that we don't often see in Metro Sydney, and that is that prices have deteriorated and it's very difficult for anyone in property, vendors, buyers and agents, to really accurately assess what the market's doing and where pricing actually is.

When you say prices have det- deteriorated-

Mm

... how much have they deteriorated?

By, from the, from my observations, ten to fifteen percent.

Yeah.

Okay.

Charlie, can I ask you the same question? What is actually happening in the property market right now?

I'd say that the market is transitioning.

It's certainly not stable, and because it's softening, buyers are also factoring into what may play out at the end of the year.

So it-- that's being taken into consideration, not only the rate rises, international conflict and other factors, buyers and, you know, take into consideration that it's a falling market and it happened super quick.

Okay.

When did you-- We're recording this in May 2026.

When did you notice that transition?

In February, uh, I thought the market was, was fair.

I saw a dramatic shift in March.

Dramatic.

I think we had a rate rise in Feb, but I think it was only in March, I think the international conflict started, and I saw buyers that had made offers or homes that had offers on them in Feb, where the vendor didn't engage with that offer, and I saw an immediate five to ten percent shift from the February market to March.

Five at least, where offers had been placed, owners didn't engage at that level, and then they ended up selling in March minimum five percent under where that offer was.