During the peak of the market, emotion drove competition. Buyers stretched budgets, rushed decisions and competed aggressively because they feared missing out. Today, that behaviour has switched sides.

Buyers have become more patient, analytical and comfortable walking away when something doesn’t feel right. Meanwhile, many vendors are still anchored to peak-market expectations, holding firm on pricing and waiting for emotional competition that simply isn’t behaving the same way anymore.

This is why we’re seeing a growing divide between campaigns that transact cleanly and those that slowly lose momentum.

Recent data continues to show that while demand remains active and properties are spending longer on market. At the same time, stock levels in many Melbourne suburbs remain below long-term averages, which means good properties are still attracting competition – just from more calculated buyers.

That’s the shift most vendors are missing. Those still expecting 2021-style behaviour are often the ones chasing the market down weeks later. They interpret early enquiry as proof the price is ripe for emotional bidding, hold firm waiting for buyers to stretch, and eventually find themselves making reductions after the strongest buyers have already moved on.

The well-advised vendors with well-positioned homes are still selling. Not because buyers are irrationally overpaying, but because limited supply continues to support strong competition when the product and pricing align.

For buyers, patience is creating opportunity. For vendors, strategy is becoming more important than ever. The market hasn’t stopped, it’s just less emotional and frenetic.