We are now entering the Next Upward Phase
After being the principal of PK Property for just on 15 years now I know the telltale signs of when the property market is about to enter it’s next capital growth cycle. One of the main signs is the volume of telephone enquiry we receive at the office, but most of all it’s what that phone enquiry is saying to our buyer’s agents. The main theme over the last 6 weeks is that buyers are telling us that they think the time is right to buy now.
With variable and fixed rates available under 6% and the drop in interest rates this month plus further predicted rate cuts on the way, there is no doubt that the government wants to not only protect our economy but also stimulate it.
Other signs of stability moving forward are the figures of the recovery in housing finance volumes for September which rose to its highest level since back in the boom days of 2009.
With unemployment rates staying steady over the past month of October, and Westpac reporting consumer sentiment surging 6.3% in November to 103.4 points which is above the long term average Australia is looking in tip top shape compared to the rest of the world.
Over the recent weeks we have purchased well over $30 Million in property and still going strong, these are just a few properties purchased of late. Please note due to confidentiality reasons we can’t publish some of the properties we have purchased.
23/120 Burns Bay Road Lane Cove $536,500
asking $550,000
3 Grosvenor Street Wahroonga $1,910,000
asking $2,100,000
10D/2 Bowman Street Pyrmont $2,500,000
asking $2,550,000
13/ 147 Bradleys Head Road Mosman $2,450,000
asking $2,550,000
3/68 Addison Road Manly $1,580,000
asking $1,650,000
26 Young Street Redfern $760,000
asking $800,000
24 Patrick Street Willoughby
confidential
12 Grafton Street Cremorne $1,560,000
asking over $1,600,000
48 Dalton Road Mosman $1,625,000
asking $1,700,000
7/4 Paling Street Cremorne $620,000
asking $650,000
3/26 Parriwi Road Mosman $1,550,000
asking $1,700,000
1a Harris Street Willoughby $1,065,000
Purchased prior to auction asking over $1,100,000
96 Newman Street Newtown $915,000
asking $1,025,000
7 Baringa Avenue Seaforth $915,000
Asking $930,000+
90/362 Mitchell Road Erskineville $425,000
Asking $425,000
9/23-31 Whistler Street Manly $760,000
Asking $785,000
3/86 Kurraba Road, Neutral Bay confidential
32 Ronald Ave, Greenwich $1,390,000
purchased at auction
4 Sirius Cove Rd, Mosman $2,630,000
asking $2,750,000
30 Valerie Ave, Chatswood West $950,000
Prior to auction saving $70,000
4 Laguna Rd Northbridge $1,950,000
asking $2,200,000+
14 Drynan Street, Summer Hill
confidential
52 Holmwood St, Newtown $760,000
asking $780,000+
4 Sirius Cove Rd, Mosman $2,630,000
asking $2,750,000
30 Valerie Ave, Chatswood West $950,000
saving $70,000
4 Laguna Rd Northbridge $1,950,000
saving $250,000
18 Ingleside Road Ingleside
confidential
3/62 Carter Street Cammeray
confidential
PK’s November / December Sydney Property Video Market Update
Click the image to view the video
PK’s Property Market Predictions for 2012
Unfortunately stock levels for spring were nowhere near as high as all agents expected therefore competition has been stronger.
Heading into 2012 we will be seeing a drop in interest rates to shelter us from the global turmoil and in turn will fuel the property market to the tune of around 10% over the next twelve months in certain price brackets and segments of the Sydney market.
I believe the aussie dollar will also come down to reasonable levels and therefore stimulate the expatriate market buying back into Sydney.
I also think that rents are peaking and that landlords will see smaller rental increases moving forward because more people will be buying now. But that just means for the investor smaller rental increases but stronger capital gains.
All in all a great year coming up for the Sydney property market in 2012.
PK’s Hot Tip
From this time in November until first week of February it is no doubt the biggest bargain time of the year to buy but the only problem is a lot of the time you don’t have the choice of stock like you do in the middle of Spring. The reason it is a great time to buy is because vendors are wanting to move their properties before the end of the year, or at the latest early next year to just clean the slate and move on. Another reason is that people have bought before they sell in spring and are now under pressure to sell late in the season.
If you would like to receive PK’s Sydney Property Market updates, hot investment tips and much more please click here Or call one of our buyers agents today on (+61) 2 9904-3444 or email us so we can help you find your next dream home or investment property for the lowest possible purchase price.
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