Market will be strong right up until Christmas
I thought I would leave this property market update until a little later in September to see how much stock might be coming on for the beginning of spring.
Unfortunately it has been very disappointing in all types of property, in all areas up to $3million. What we are seeing is a Mexican standoff which I have experienced many times before after running PK Property for 17 years now.
Basically people will not put their property on the market in fear of not finding something else, and then being stuck in the rental market when property prices are moving upwards.
I do see this loosening up come first week of October, but please remember there is a huge amount of aggressive buyers that have backed up over winter eager to get settled before Christmas, and then a whole lot of new spring buyers. This will mean spring stock will get snapped up real quick.
Been a good 5 days at PK Property nearly 14 Million dollars worth of property exchanged.
Exchanged b902/24-26 Point Street Pyrmont $3,000,000
Exchanged 24 Pindari Street Mosman $2,800,000
Exchanged 16 Neewora Road Northbridge $2,275,000
Exchanged 2 Yirgella Street Killara $1,700,000
Exchanged 31 Atunga Road Newport $1,823,000
Exchanged 17 Riley Street North Sydney $1,855,000
PK's Property Market Predictions
I see the market running red hot until Christmas especially in the price brackets $400,000 to $1.5 Million in units and up to $3 Million in houses in all areas.
If we get an incredible influx of new stock on the market, the competitive edge will come off the supply and demand and yes prices will soften a little, but at present I can't see this happening in such a short period of time.
PK's Hot Tip
If you are coming second at every auction, finding you have not got the time to play the underquoting game, have not got time to search for property and want to get settled before xmas please call one of our buyers agents today on 9960 1066.
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