“This amounts to a lot of property that has not been sold. [late last year], ”Said Mr McGlynn. “Most of them came from the market and were re-launched in mid-January.”
Sellers will also return to the table this year with more realistic expectations, after adjusting to the new norm of more listings and slower price growth, which will benefit sellers and buyers, he added.
“A big driving force why sellers set high expectations is because it’s difficult for them to buy what they want to buy … The greater number of listings will be much more realistic to make sellers.”
Greater choice will also alleviate buyers’ fear of missing out, as they think twice before paying the highest dollar on properties, according to Cooley Auctions auctioneer Michael Garofolo, who focuses on selling in the city’s northwest and southwest.
“I feel that prices will not increase at the rate of knots as in 2021. “Buyers will not have that fear that if they do not buy in February, they will be priced out in June,” he said.
Mr Garofolo noted that more homes would be added to the market in areas including Riverstone, Schofields and The Gables, due to newly completed construction and land releases as well as more units and solid family blocks along the corridors of the M7, Parramatta and Victoria Road. .
In the Hills district, first-time homebuyers may also get a little delay, with hundreds of units hitting the market after years of planning and construction around new subway stations.
“There’s going to be an unlocking of sub-million properties in the Hills district, which is highly sought after and rarely found,” said Stu Benson of Benson Auctions.
He said homebuyers would also have a “reasonable choice” between now and early March, with hundreds of homes scheduled for an auction.
“It will be a litmus test. We need a few weeks of results under our belt until we gauge what the 2022 market will look like. ”
CoreLogic’s head of research, Tim Lawless, said sellers would generally benefit from lower supply levels as the number of new listings rose by 10 per cent compared to this time last year, the number of total listings declining by 3.1 per cent.
“Chances are it will gradually start to lose its appeal later in the year as inventory levels rise and demand declines due to affordability and rising interest rates,” he said.