Higher interest rates, surging fuel prices and the recent tax shake up have dominated the national conversation, leaving many Australian home sellers and buyers feeling uncertain about taking their next step.
It makes sense when buying and selling homes is among the biggest financial decisions most people will make in their lives.
But real estate experts say home sellers and buyers can navigate this uncertainty by focusing on three things: your personal situation, the local market reality and understanding what you can control.
Start with your own circumstances, not the market
Barry Plant chief executive Lisa Pennell says buyers and sellers often look outward first when they should be looking inward.
“I have the same advice for buyers and sellers in every market – stop reading the headlines and stop trying to pick the market,” she said.
Instead, Ms Pennell urges people to assess their own financial and lifestyle position before worrying about timing.
Barry Plant's Lisa Pennell says buyers and sellers often look outward first when they should be looking inward. Picture: Supplied
“Read your own tea leaves first – ask yourself the important questions,” she said.
“Things like how stable is my job? Will our household income be likely to increase or decrease? Are there babies coming, or private school fees more expenses ahead?”
She says these factors, not short-term market movements, should drive decisions.
“These are the things that really determine whether buying or selling is the right move for you, right now. Not what the market is doing,” she said.
Many home sellers and buyers are feeling uncertain due to market conditions. Picture: Getty
“Because in property, personal circumstance always are more important than what the market is doing.”
For buyers worried about paying too much, Ms Pennell is blunt.
“No-one ever successfully picks the bottom of the market except after the fact,” she said.
Block out the headlines and focus on your local market
DiJones Real Estate chief executive Dean Mackie says uncertainty is often amplified by national headlines that don’t reflect what’s happening on the ground.
“One of the biggest lessons from our recent resilience training was that uncertainty often creates noise, and noise can lead to emotional decision-making,” he said.
“For sellers, it's important to remember that headlines don't sell homes - buyers do.”
DiJones Real Estate chief executive Dean Mackie says uncertainty is often amplified by national headlines that don’t reflect what’s happening on the ground. Picture: Supplied
Neuro-performance scientist, Dr Kristy Goodwin, whose PhD examined the impact of digital technologies on performance and wellbeing, recently worked with the DiJones team on how constant states of distraction, cognitive overload and stress directly impact decision making and performance.
Mr Mackie says even when confidence dips, people continue to buy and sell due to life changes.
“Markets move in cycles and while confidence can fluctuate, there are always people who need to transact due to life circumstances such as upsizing, downsizing, relocation or family changes,” he said.
Rather than reacting to broad market commentary, he encourages buyers and sellers to get specific.
“Understanding local buyer behaviour, recent comparable sales and the opportunities available in your own market is far more valuable than reacting to national headlines,” he said.
That local lens is what helps people make clear-headed decisions in volatility, Mr Mackie said.
Control what you can and execute well
Highland Property chief executive David Highland believes recent sentiment has been more negative than the reality in many parts of the market.
“The media, in my view, is overreaching in terms of what's actually happening out there,” he said.
While conditions have shifted, Mr Highland says the market is already stabilising, citing progressively increasing inspection numbers and stabilising transaction numbers.
Highland Property chief executive David Highland believes recent sentiment has been more negative than the reality in many parts of the market. Picture: Supplied
For sellers in particular, Mr Highland says success in uncertain conditions comes down to process rather than price.
“Be open to feedback and be pragmatic around looking at offers,” he said.
“Be prepared for days in the market to be longer. Focus on process, not necessarily price.”
And when offers do come, decisiveness matters.
“When those offers come through, move quickly and respond accordingly, and don’t procrastinate,” he said.
The latest PropTrack Home Price Index shows national home prices were essentially flat in May, with price falls in Sydney, Melbourne, Canberra and Perth offset by modest rises elsewhere.
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