THERE’S a very clear mood on the ground across the property market at the moment: frustration. Much of it is coming from buyers chasing homes under the $1 million mark, a price bracket that has become one of the most competitive we’ve seen locally, driven by strong demand and limited supply.
This was not unexpected. Stamp duty incentives, while well-intentioned and genuinely helpful for some first home buyers, have concentrated demand into an already tight segment of the market. Homes under $1 million were always going to be the pressure point, and that is exactly where competition has landed.
In many cases, multiple buyers are competing for the same property within days of it hitting the market, leaving many feeling disheartened after repeated knock-backs.
A common theme in conversations with buyers is confusion about what to do next. Some feel they are doing everything right – attending open homes, staying engaged and submitting offers – yet still missing out. Others try to regain control by offering well below market value, but this is not the market for haggling. In a high-demand environment, those offers are often overlooked entirely.
Expectations also need resetting, particularly for first home buyers. What people want and what is realistically available under $1 million are often two very different things. Compromise may be required – on location, size, finishes or future renovation plans. Buyers who adjust expectations early tend to move forward sooner, while those holding firm often remain stuck.
Having finances clearly sorted is critical in this bracket. That means more than just loan pre-approval. Buyers need to understand the full costs involved, including a solid deposit, funds for building and pest inspections, conveyancing fees and other associated expenses. Being financially prepared allows buyers to act confidently when the right opportunity arises.
We’re also seeing a noticeable shift in enquiry, with younger families increasingly looking for lifestyle offering. Buyers are seeking more space, value and a different pace of life.
There are a lot of moving parts, but one thing is clear: demand under $1 million remains strong.
Buyers who understand this reality, prepare properly and stay flexible are best positioned to succeed.
