Are 112-day Sydney small multifamily listings becoming negotiable?

I wouldn’t assume all buyers discount insurance uncertainty in the same way. Some may walk away, while others may investigate and proceed. That can produce the split market the OP noticed without implying universal negotiating power.
 
Which returns us to segmentation. Properties with resolved information should be compared with similarly resolved properties. Mixing them with unclear cases could make both the days-on-market and price conclusions unreliable.
 
There is a risk of waiting for perfect data in a thin category. Decide in advance what evidence is sufficient: perhaps a few genuinely substitutable completed sales, current alternatives and a clear view of condition. Otherwise the analysis never ends.
 
And establish the walk-away amount before speaking with the agent. Seller motivation can change suddenly, but your financing and tolerance for repairs should not be improvised during negotiations.
 
My final take: yes, negotiate, but not because 112 is a magic number. Build the offer from completed substitutes, current stock, condition and verified insurance information. Use the long campaign to support your position, then accept that an unmotivated seller may still say no.
 
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