September 2022: cash rate to 2.35% and the discount window opens

Sydney dwelling values were down 8.5% from April peak by end-September. Vendor metrics — discounting from listing price, time on market, withdrawal rates — all moved into buyer territory. Median discount widened from 2.9% in April to 5.4% in September.

For investors with cash and locked facilities, Q4 2022 was the cleanest acquisition window since 2019. The buy was new-build townhouses and dual-occupancy in growth corridors where land values had compressed faster than build costs.