The Scarborough, Doubleview, and Wembley Downs real estate market has seen a shift in recent weeks, with a noticeable cooling in the higher-end segment, while activity remains strong in the mid-range price bracket. While the market overall remains active, the demand for properties priced between $500k-$1.5M continues to outpace the luxury segment, where homes in the $2M-$3M range are now experiencing longer days on the market as buyer urgency slows down.

A Cooling High-End Market

Jonathon Scrivia of Wembley Downs says there is still strong demand in the market,

This shift is compounded by an increase in available listings, offering buyers more flexibility in their property search. As a result, there has been a noticeable change in buyer behaviour, with many buyers from Wembley Downs beginning to explore northern suburbs like Scarborough and Doubleview, seeking larger properties and better value.

Reduced Buyer Frenzy

This trend aligns with the general shift in market sentiment, as noted by Dirk Jooste of Doubleview,

The general feeling is that the frenzy of buyers at home opens, especially when opening for properties for the first time, has certainly calmed down a bit.

While short campaigns are still common, the number of offers per property has dropped significantly. Jooste attributes this change to more cautious, discerning buyers who are taking their time and weighing their options before committing. As a result, agents are also adjusting to the new market dynamics, re-engaging buyers at lower price points and offering more transparency in advertising, avoiding inflated price expectations.

Increased Buyer Choice & Market Transparency

The increase in available listings has undoubtedly empowered buyers, giving them a greater sense of control and providing them with more choices. This shift is helping buyers feel more confident and prepared in their negotiations. Agents are adopting a more realistic approach to pricing and promoting properties, which has added to the transparency in the market.

Outlook

Looking ahead, while the market has softened, it remains relatively stable. Buyers are waiting for the right moment to act, but those who are well-prepared and strategically positioned can still seize opportunities in these sought-after suburbs. As we enter the new year, the market uncertainty will likely give way to renewed confidence, especially with the anticipated interest rate cuts. This could trigger a resurgence in buyer demand, potentially leading to a more competitive environment by early 2025. For now, the current market presents great opportunities, and it’s crucial for buyers to stay informed and seek expert advice from local professionals to navigate this evolving landscape.

Boston Cable

Inner Coastal Area Specialist

Contact Boston below:
Email: boston@vervebuyersagency.com
Phone: 0429 778 439

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