PK's Sydney Property Market Update September 2022
Like the weather, a little bit of everything till Christmas
Interest rates, inflation, petrol prices, wars, but you still need a roof over your head. People are always upsizing, downsizing, investing, and trading in property.
At the end of the day, you will trade in the bracket of how much you can afford, and at present, property has become a lot more affordable.
In most cases, property is a 7+ year investment, and at the end of the day if it is your family home, and you are going to buy for the long run 10 years or more, whatever you do, don't try and pick the bottom of the market, because you will inevitably get it wrong.
My best saying is look at the asset, not always the price.
The luxuries that you have as a buyer at present are time and choice. This will become more apparent in spring as more listings hit the market. Although, I want to make things really clear, the A and strong B grade properties have only really dropped 5% and they are presently holding their own.
So don't get too cocky when negotiating at present because you will get sadly disappointed, there is still good competition out there for the good ones.
PK's Property Market Predictions
Everyone is going to have a spring in their step this year, as there has not been a proper spring market for three years. To add to that, it's been a long cold winter, so I think numbers at opens will increase, and people will be transacting in an environment that they feel comfortable in due to a drop in pricing.
PK's Hot Property Tips
A good Buyer's Agent isn't a luxury at present, it's a necessity. The amount of money I am presently saving my clients on purchases is astounding. Before you sign on that dotted line, or make an offer, give me a call for some free negotiation and valuation advice.