According to reports, many sellers aim to complete transactions quickly before the slowdown in property price growth. Auctioneer Tom Panos mentioned that he is almost fully booked for the last two Saturdays of January for auctions in Sydney. Simultaneously, some market experts believe that higher interest rates and the economic effects of Christmas might prompt some sellers to put their properties on the market earlier.

Angus Moore, Senior Economist at PropTrack, pointed out that property listings in January are typically 12% lower than in other months. However, for buyers who have faced limited inventory for most of 2023, having more listings in January than usual could be good news.

Paul Biller, Head of the Sydney-based agency Biller Property Double Bay, revealed that he and his team listed 20 properties for sale this month, ranging from two-bedroom units priced around AUD 2 million to a villa worth approximately AUD 15 million. Among them is a four-bedroom, three-bathroom house in Dover Heights, eastern Sydney, located at 34 Portland St, with an asking price of AUD 10 million.

While the increase in property listings is notable, the rise in housing inventory is positive news for buyers looking to make a purchase. In the past three months, the total number of listed properties in the Sydney area has significantly increased, with nearly 6 out of 10 regions having higher listings than a year ago, and around half of the areas seeing inventory levels rise above the five-year average. This means buyers will have more choices and negotiation opportunities.

However, the recent interest rate hikes have affected buyer sentiment, and the market has shown signs of softening. Biller noted, "Buyers coming through the open homes are diminishing, meaning sellers need to adjust their expectations." According to CoreLogic data, spurred by reduced listings early in the year and strong demand, Sydney property prices rose by 11.1% last year.

Yet, in the past six months, the growth rate has significantly slowed down, dropping from a monthly increase of 1.8% in May to just 0.2% in December. Tim Lawless, Research Director at CoreLogic, believes that the first half of 2024 will be a buyer's market before interest rates begin to decline. He stated, "Buyers may have more negotiation power, more properties to choose from, and can take their time making decisions."