Buyers in the box seat as property market softens
Buyers are in the best position as evidence emerges of a softening of the property market nationally, according to leading tax and property accountants in Melbourne, Sydney and Brisbane.
National accounting firm Chan & Naylor said auction clearance rates and the increase of the number of properties on the market all point towards a softening market.
"Rate hikes have added significant pressure on landlords and homeowners who are beginning to offload their properties in bigger numbers. There's concern that property prices will fall over the coming year, which has created a sense of urgency," said Chan & Naylor chief executive Sal Carrero.
"Savvy buyers with an eye for the long-term will increasingly look to enter the market at a time when there is less competition for property."
According to him, interest rates are beginning to slow capital city and regional markets nationwide despite variations in property markets from state-to-state.
"Landlords are feeling pressured to increase rents as the holding costs of property increases. Renters are at risk of being stuck in a rental rut as more of their savings fund higher rents," Mr Carrero said.