Making an offer to buy property? Here’s what’s changed post the COVID boom.

The property market in the second half of 2022 is changing.

We are beginning to see the impact of rising interest rates.

We are also seeing a shift in the types of offers being made by buyers and accepted by sellers.

This has created new opportunities for buyers!

It’s fantastic news if, over the last 3 to 12 months, you have missed out on having your offer to buy a property accepted

So, if you are in the market to buy right now…

Or are going to be in the position to buy in the next 3 to 6 months…

I am about to share some important updates that I think you should know.

These will help you to go in armed with a plan to get your offer accepted.

It will seriously improve your negotiating skills when it comes to buying a property.

But first, let’s have a look at how the market has changed and what this means for you.

The three ways people pay for a property.

When it comes down to how you pay for a property you are about to buy, traditionally there have been 3 ways:

  • Buying with cash only
  • Get a home loan (have some deposit saved)
  • Buying subject to selling another property

How to make an offer to buy property in this changing market

How people were buying during the COVID housing boom.

Over the last 18 months to two years, in South East Queensland, a lot of people were coming here from interstate and buying property.

These buyers were paying record high prices because they were coming from hot Sydney and Melbourne markets.

We were seeing very good terms for both the sellers and agents.

A lot of the contracts were simple and fast for the seller.

The cashed-up buyers were then offering successfully on the property:

  • without needing any finance (they paid cash)
  • without a building and pest inspection
  • with a quick settlement.

In many cases, they had not even seen the property in person.

So if you were one of the majority of potential buyers who needed a home loan…

You needed 2 – 4 weeks to get your finance and loan approved.

So you, as the person who needed a home loan, often missed out – your offer was not as competitive as these cash offers.

Agents and sellers weren’t prepared to wait that long.

In contrast a cash buyer does not have that 2 to 4 week delay for finance.

Cash offers were easier and guaranteed (as the loan was not at risk of being declined or delayed).

A lot of our clients were experiencing this and were feeling frustrated.

They made multiple offers and missed out and often weren’t even told why.

What has changed?

This is what we have noticed has shifted.

There are fewer buyers around

We are seeing fewer people actively out there making offers.

That’s not only interstate buyers but local buyers as well.

There is uncertainty and that is reducing demand for properties.

Many of our clients are reporting that there are only 2 to 3 offers being made on properties they are buying.

In the past, we saw up to 20 offers being made on a single property.

Almost no cash buyers

From what I can tell the number of cash buyers around seems to have significantly diminished and in some instances disappeared.

Rising interest rates

When interest rates rise it can cause more uncertainty in the market.

It tightens up people’s attitude to money.

They are a lot more careful.

And it reduces what the bank will lend them, which puts that downward pressure on house prices.

Now if we go back to the ways people pay for a property…

During the COVID boom, it was all about cash offers.

Now what has changed is that to a vendor and an agent, buyers who need finance are the next simplest offer (after cash buyers).

Sellers and agents don’t like complicated.

The cleaner and simpler, the quicker the better is what we have found works.

A buyer who needs a home loan is simpler than one who is buying based on selling another property.

So what we are saying is that if you are buying now…

And need finance…

The market is turning out to be more favourable to you.

We are finding agents are even a lot more flexible with discussing finance clauses and even offering finance extensions with their sellers now.

Where clients with a deposit and finance may previously have missed out they are now back securing homes.

This also means those of you who are having to sell your property first before buying a house now have a better chance of getting your offer accepted with terms that are not all in favour of the vendor.

If you are applying for a home loan during a period of rising interest rates you might also like this guide on rate lock.

How to make an offer on a property in the current market.

First I just want to clarify that an offer is made up of two parts, the price, and the terms.

You can also see this guide here on how to make an offer on a house that takes you through crafting your offer.

In terms of how to adjust your offer to suit the current market conditions, this is what I am recommending:


  1. Agents are considering all reasonable offers as there are considerably fewer offers being made.
  2. Sellers may have an inflated value in mind based on the last 6 months’ sales
  3. If you like the property, be patient, time will work against the seller
  4. Our clients are noticing the agents are now actively phoning, following up, and offering new listings


  1. Finance clauses of 2 to 4 weeks are now more acceptable again (finance extensions are also being considered by vendors)
  2. Always make your offer subject to a building and pest inspection.
  3. A longer settlement is ok – however find out from the agent what would suit the vendor.

If you’re interested in getting in touch for some advice,  book a call instantly at a suitable time. 

We will discuss how you can maximise your situation to get your offer accepted.

We know what’s going on in the market and we are helping buyers get across the line.

My name is Victor Kalinowski and I’m a mortgage broker at Blackk Mortgage Brokers, and we help people buy property all over Australia. We can do this all via video calls or we have offices based in West End (Brisbane) and Burleigh Heads (Gold Coast).


Blackk Mortgage Brokers Brisbane

The information contained on this page is general in nature. It serves as a guide only and does not take into account your personal financial needs. Before you act on this information you should seek independent legal and financial advice. Copyright Blackk Mortgage Brokers 2023.