Buyers could be about to take over the driver's seat in the hotly contested property market after years of being at the beck and call of sellers.
Real estate experts are pointing to a market where more homes are being listed, but buyers have become more selective.
In practical terms, this gives buyers more room to negotiate, which is already taking some heat out of price growth.
Nerida Conisbee, chief economist at Ray White Group describes the latest listings data as showing a clear split opening up in the housing market - more homes for sale, but fewer homes available to rent.
While the data only runs to the end of May and therefore doesn't reflect the full impact of the federal budget or proposed negative gearing changes, it does reveal how the market conditions those changes are landing in, she said.
"Buyers are seeing more choice, while renters are facing a tightening availability problem," Conisbee said.
"On the sales side, listings have been rising.
"Nationally, the 12-month rolling number of active listings is now around 607,000, while new sales listings are around 507,000. That suggests more vendors are coming to market, giving buyers more choice," Conisbee said.
At the same time, sales volumes are not rising at the same pace.
The 12-month rolling number of residential property sales is now around 557,000, pointing to a market where more homes are being listed, but buyers are becoming more selective.
"In practical terms, this gives buyers more room to negotiate and is already taking some heat out of price growth."
Interestingly, Canberra has seen the strongest annual lift, with active sales listings up 7.9 per cent over the year.
On the rental side, nationally, active rental listings are around 697,000 and new rental listings are around 644,000.
The longer-term time series shows rental listings remain below earlier levels and have not recovered in the same way as sales listings. This is a key issue for renters.
Buyers circling and preparing to pounce should be brushing up on their negotiation techniques.
Here's some tips:
Do your research. Analyse sales data for similar properties and evaluate market trends in specific suburbs, recommends Rise Property Buyers.
"Assessing the property's history, including past sales prices ensures that any offer is competitive but overvalued, providing a solid foundation for negotiation," founder Adam Nyeholt said.
Start by making sure that you have pre-approval, which can help with negotiating a lower price.
Letting agents know that your finance is sorted shows you mean business, giving you leverage during negotiations.
Understanding the motivation of the seller gives you the information you need to negotiate a better price.
For example, if the seller needs a speedy sale, you could have more leverage to make an offer below asking price.
Nyeholt said a well-crafted offer is more than just a number.
"Tailoring an offer to appeal to the seller's needs, which could include flexible settlement terms or providing clear evidence of financial capability, the offer becomes more attractive, even if it isn't the highest one on the table," he said.
Don't be tempted to continually check in with the agent on the progress of your offer.
Sit tight, and detaching emotionally can put you in a stronger position. If the seller if keen on your offer, the phone will ring soon enough.
