23 Sep
Australia’s property market is moving through a challenging part of the cycle, shaped by a combination we haven’t seen for decades.
Three interest rate rises this year, the prospect of further increases and federal tax changes affecting investors have weighed on confidence more broadly.
In our latest Behind the Numbers podcast, Cameron Kusher joined Sadhana Smiles to unpack what the data is telling us – and what agents should be watching from here.
Cameron’s view is that the earliest signs of recovery may still be around 12 months away, with inflation needing to be clearly under control and the RBA moving closer to cutting rates. He believes Sydney and Melbourne are further into the current downturn, while conditions continue to vary considerably across markets.
But price data only tells part of the story and often tells it late.
For agents looking for earlier signs of change, these are some of the key indicators to watch:
- Enquiries per listing: One of the earliest lead indicators of market movement. Unlike price and sales data, which can lag the market by three to four months, enquiry activity gives a much more immediate view of buyer interest. Watch for enquiries per listing to stabilise and begin moving higher.
- Open-for-inspection attendance: Are more buyers turning up, and is that interest translating into offers?
- Appraisal activity (and motivation): The number of appraisals matters, but so does the reason behind them. Financial pressure tells a different story from a vendor who is feeling confident and ready to make their next move.
- Auction activity: Watch clearance rates, withdrawals and campaigns switching from auction to private treaty. Rising withdrawals and switches can signal weaker buyer competition and changing vendor confidence.
For agents, the conversations behind those numbers are just as important.
Is a vendor genuinely motivated to sell and realistic about today’s price, rather than anchored to what a property may have achieved six months ago? Has a buyer already sold? Are they planning to rent before buying again? What’s driving their decision?
With another rate rise possible in September or November and a softer spring auction season expected, particularly in Victoria, understanding those motivations, while keeping an eye on the earliest indicators of change, will be increasingly important.
Over the coming months, REIP will continue to work with Propic to share insights across enquiry, inspection and appraisal activity, helping agents identify the early signals that market conditions are shifting.
For more, you can listen to the latest Behind the Numbers podcast here.
Victoria’s new property sales rules start 1 October
From 1 October 2026, significant changes to Victoria’s property sales and underquoting laws will introduce new pricing, reserve and disclosure requirements.
The reforms are designed to give buyers and sellers clearer pricing information across the sales journey. For agencies, however, they also introduce new decisions, deadlines and record-keeping requirements that need to work in practice during a live campaign.
Some of the key changes include:
- A new Property Price Statement (PPS) replacing the existing Statement of Information, including the indicative selling price, comparable sales and defined property features.
- New comparable sales requirements, including the use of the three most comparable sales or an explanation where fewer than three are available.
- Published reserve prices for auctions and fixed-date sales, with the seller’s confirmed reserve published as a single dollar amount for at least seven full days before the sale.
- Advertising updates where the confirmed reserve is higher than the advertised price, including online advertising being amended or removed within one day.
- Post-sale disclosure, with the final sale price added to the PPS within seven days of the sale becoming unconditional and the updated PPS remaining publicly available for 18 months, unless an exemption applies.
The changes mean agencies need to think beyond compliance documentation. Listing and appraisal processes, vendor conversations, written reserve workflows, advertising controls, portal updates, post-sale responsibilities and record keeping may all need to change.
Existing listings also require attention, with no broad exemption allowing campaigns already underway to simply continue under the old Statement of Information requirements.
1 October is closer than it looks. Now is the time to train teams, update systems and make sure everyone understands what changes from listing day through to unconditional sale.
What is Property Management telling us about wellbeing?
MitchellPT and REIP have been asking Property Managers to tell us what they’re really experiencing at work through our confidential industry wellbeing survey.
The findings will be shared at PM Reach 2026, providing a current snapshot of wellbeing across the sector – the pressures people are experiencing, where support is needed and what the industry can do to create more sustainable careers and workplaces.
If you work in Property Management and haven’t yet completed the wellbeing survey, there’s still time to have your say and contribute to the findings.
Then join us at PM Reach 2026, 7–9 October at Waurn Ponds Estate, Geelong, to hear what the industry told us and be part of the broader conversation.
REIP members and community can use code REACH26 for 10% off tickets.
Register for PM Reach 2026 to hear the findings.
REIP
Real Estate Industry Partners
