A softening market certainly seems ideal for house hunters, given that there are fewer buyers competing with each other. However, in addition to more available listings and fewer buyers, a soft market has risks that may still end up being costly. And that is where a buyer’s agent steps in. To make informed decisions regarding a potential purchase, buyers should understand the buyer’s agent’s function.
Market with Opportunities and Challenges
Victoria’s residential property market has become noticeably softer in 2026, according to official figures. According to the Australian Bureau of Statistics, the mean dwelling price of the state fell 2.1 per cent, or $19,600, in the June quarter of 2026. This figure is an average, and conditions in particular areas and property types may differ greatly.
As far as buyers are concerned, a soft market means extra time to consider, look and negotiate. Nonetheless, this does not necessarily mean discounts; buyers still have chances to be lured into poorly located property or property with construction flaws and unrealistic price guides.
Softening conditions encourage some buyers to rush to make deals while others are too cautious about spending money on something that might fall even further. In both cases, the reaction is based on the headlines rather than the property itself, and an unbiased opinion from a Melbourne buyers agent may help buyers to keep in mind their priorities.
Role Explained
First-time buyers tend to confuse the roles of agents in the process of buying real estate. While a selling agent acts in the interests of a vendor, trying to provide the best possible results to the vendor, a buyer’s agent, often called a buyer’s advocate, acts in the interests of a buyer only.
Here is how a typical process usually goes:
In Victoria, acting for buyers during the process of property purchasing is an estate agency, so it requires proper registration. Buyers can find out the status of the licence of the chosen agent prior to signing any documents. Fees may differ from case to case, so it is necessary to know exactly what kind of services buyers receive for the payment.
Properties That Slip Under the Radar
Not every property gets plastered all over the internet before it sells. Some sellers want to keep a low profile for any number of reasons: maybe they don’t want to deal with a whole bunch of people messing with their home, or perhaps they need the sale to go through quickly. In these cases, we’re talking about off-market or pre-market sales: properties that get sold before they ever even hit the online listings.
The people who buy homes for a living, known as buyer’s agents, build relationships with the folks who sell them, so they get wind of these kinds of opportunities early. That can give their clients a leg up, especially on properties in great locations; it means they get to see homes before loads of other bidders do, after all. But of course, that also means it’s a risk, because without a bunch of people competing for the property, the price might just wander off into the stratosphere, leaving you wondering if it was ever really worth what you paid.
What Price Guides Don’t Tell You?
Price guides can only tell you so much. They show you what similar homes nearby have sold for, but that’s about it. But as anyone in the property game will tell you, it’s the comparable sales that really matter.
In Australia, Victoria’s new Property Price Statement is making things a lot easier for buyers. Now there’s loads of extra information available about comparable sales, so a buyer’s agent can check that out and compare it with what else is going on in the market. That gives a much clearer picture of whether the price you’re being offered is fair or not.
Of course, all the usual stuff still applies; you still need to do your own research, for instance, on the following:
And then there’s the big one: emotion. It’s the hardest thing to get a grip on; people fall in love with homes and end up overpaying because of it. A buyer’s agent can help you stick to a budget you agree on beforehand, even when emotions get the better of you.
Who Benefits Most From One?
You don’t need to be a pro to get a good deal, but some people do benefit from a buyer’s agent more than others. Busy people who don’t have loads of time to spend on weekends inspecting homes and watching auctions can save themselves a ton of hassle. First home buyers who are new to the whole process can get help with things like contracts, financing and negotiation; it can make a huge difference to how smoothly things go.
And then there are people buying interstate or overseas; they need someone to check out properties they can’t see themselves. Then there are investors who are all about the numbers; they want to know about rental demand, potential yield and long-term growth. Finally, people who have a self-managed super fund are subject to all sorts of extra rules that make it really useful to get expert advice.
On the other hand, if you’re a super confident buyer with local knowledge and a background in negotiation, you might just find you can handle things on your own. Even if that’s you, getting a one-off service like a property appraisal or some auction bidding advice can still be really valuable, even if you’re not looking for a full-on search.
Before you even start talking to any agents, make sure you’ve jotted down your budget & what you absolutely want (and don’t want) in a new property. Then ask an agent how they’d value a place you really like; the way they answer will tell you a lot more about what they’re like to work with than any fancy sales pitch.
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