A Market Catching Its Breath
25 September 2025
There’s a certain stillness in the property market right now. Not quite silence, rather just a pause.
September has felt like that moment when everyone is standing at the starting line, looking sideways, waiting to see who moves first.
From my desk at Hawkeye Finance, the conversations have been interesting. Buyers aren’t fearful. They’re thoughtful. And there’s a big difference between the two.
Nationally, prices are sitting slightly below where they were this time last year. Not dramatically down, not racing upward either. Just... steady. After the intensity of the past few years, steady almost feels unfamiliar.
But listings are up, and that’s an important shift.
When there’s more stock on the market, buyers regain something they haven’t had in a while: choice! And this changes behaviour. People take their time, they compare, they negotiate, they ask more questions, and at Hawkeye, we think it is a good thing.
Because when buyers slow down, they tend to make better decisions.
What I’m noticing most this month is hesitation driven by uncertainty around interest rates. The Reserve Bank announcements still carry psychological weight. And even when rates aren’t moving dramatically, people remember how quickly things shifted before, and stay on their guards.
But here’s what doesn’t always make the headlines: the cost of money has actually become more manageable for many borrowers compared to previous peaks. Fixed rates aren’t where they were. Servicing calculators are less punishing. Banks are lending more, carefully, but consistently. It starts to feel like the market is recalibrating.
Regionally, it’s a mixed picture. Some areas are holding strong while others are softer. This isn’t a single national story anymore but it’s more of a patchwork. And that’s why having someone on your side who understands lender appetite matters. Not every bank sees every region the same way.
Buyers who are well prepared right now have quiet leverage. Even if there isn’t frantic competition, vendors are realistic and are more open to negotiations, making everyone feel human again!
I’ve had a few conversations recently where buyers said, “Maybe we’ll wait until things are clearer.” I get this may feel reassuring. But markets rarely send engraved invitations saying “Now, it's clear! It is the perfect time!”
What September feels like to me is opportunity wrapped in caution.
Investors are watching yields more closely, first-home buyers are realising prices haven’t run away from them again, families upgrading are discovering they can negotiate conditions that wouldn’t have been entertained 18 months ago.
There’s also a subtle shift in sentiment because of policy chatter around foreign investment changes at the high end of the market. It doesn’t directly impact most buyers, but it adds a sense that the market is evolving.
September 2025 feels like a month where confidence is quietly rebuilding, slowly, but steadily. And sometimes, steady is the clarity you’ve been expecting.
— Alfonso
Director, Hawkeye Finance