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Denton Pugh believes the property dream is not over for thousands of Aussies looking to get into the market.
A key executive at one of Australia’s top four banks – NAB head of home lending Denton Pugh – shares his insider take on summer’s housing peaks and what’s coming in 2025, saying ‘the property dream is far from over’ for Aussies.
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The holidays should be used as a time to prepare for what’s coming. Picture: NCA NewsWire / Max Mason-Hubers
‘Dream is far from over’
As Australia’s bustling spring auction season comes to a close, it’s easy for hopeful buyers to feel the ticking clock and worry about dwindling listings. But here’s the good news, the property market is far from done, and your dream home might just be waiting for you in the months ahead.
The rush of weekly auctions, the buzz of new listings, and the thrill (or heartbreak) of bidding wars seem to define the property market at this time of year, but just because the calendar says the season is over, it doesn’t mean the opportunities are.
The smartest buyers know the next few months are just as crucial – and often less crowded – for securing their dream home.
The final auctions of 2024 are set for 21 December, closing a season that saw solid competition but also plenty of properties passed in. According to CoreLogic, national clearance rates hovered around 59% this spring – down from 64% last year – leaving a significant portion of unsold stock that will linger into the New Year.
The final auctions of the year are being held December 21. Picture: NCA NewsWire / Max Mason-Hubers
January
While many assume the property market hibernates through the summer months, January is often a hidden gem in the calendar – a chance to negotiate without the heat of spring’s action frenzy.
Why is this? For one, properties that didn’t sell under the hammer are still out there.
While the market may appear quiet and many buyers typically have a break, savvy buyers know it’s the perfect time to negotiate more persuasively for stock that hasn’t sold during spring and explore off-market opportunities.
This opens up a golden window for buyers who are ready to act. With fewer people actively searching over the holidays, there’s less competition and more room for negotiation.
While January might seem quiet on the surface, behind the scenes, agents are busy testing the waters with sellers. Many are gauging interest and quietly sharing pre-listing opportunities with buyers who’ve taken the time to build a relationship with them.
Of course, January isn’t the only month where opportunity may be overlooked.
NAB home lending executive Denton Pugh.
February
The New Year brings with it a surge of activity. By February, families returning from holidays and sellers eager to capitalise on the market’s renewed energy will drive a fresh wave of listings.
Over the past four years NAB data shows the number of home loan approvals in February jumps on average 42% compared to January.
And historically, by the end of February listings jump by over 100% compared to early January, offering buyers a broader range of options. But the catch? So does the competition.
The real work for February’s surge starts now – updating your budget, refreshing pre-approvals, and researching the suburbs that fit your lifestyle and financial goals.
Three of Australia’s big four banks expect interest rates to drop in May. Picture: NCA NewsWire
As much as property feels like a sprint, it’s really a marathon. Those who succeed understand the importance of timing, patience, and strategy. They know the quieter weeks ahead aren’t a time to switch off but to prepare.
Whether it’s sniffing out January’s hidden opportunities or positioning yourself for February’s fresh listings, the dream of homeownership doesn’t pause just because the auction season does.
So, take a breather during the festive season – enjoy time with family, enjoy the barbecues, enjoy the beach – but stay prepared. Your perfect home might be just around the corner.
** Denton Pugh is National Australia Bank’s executive for home lending.
