With the New Year looming large, Sydney's real estate experts, PK Property Search and Negotiators, have released their predictions for how the local market will fare in 2013 and are confident it will be a buoyant year for home buyers and sellers. Sydney's original and premier buyer's agent, PK Property Search and Negotiators, are a leading voice on local real estate trends and have recently released their property market predictions for 2013.
With the Australian cash rate forecast to be at levels last seen during the Global Financial Crisis, PK Property are of the firm belief that Sydney will encounter a property revival in the coming year, with increases in certain segments of the property market of around seven to nine per cent. As Director of PK Property and real estate expert, Peter Kelaher, explains, “Not only are interest rates low, but they are predicted to stay low for a longer than normal period of time. Whilst unemployment may be creeping up a little, at current levels there is nothing really to worry about.” “What we are seeing currently is that the interest rates are starting to flush through the system, finally giving the real estate market a well needed boost of enthusiasm. Auction clearance rates are now over 60% and people are really starting to see the value in buying at the bottom end of the market, ready to capitalise on the expected growth over the coming years.”
PK Property can also report that throughout the local real estate industry, listings are the lowest in seven years, while buyer numbers are at their highest in two years. Mr Kelaher elaborates further on this, saying, “The fact of the matter is that agents are selling everything they can get their hands on. However, the only problem is they can't get their hands on enough stock, which creates a demand and supply problem that will force prices up.” “We have definitely moved into a seller's market for the price ranges of $400,000 to $1.5 Million dollars but are still in a buyer's market in most cases above that.” On the topic of investment properties, this leading buyer's agent believes the main reason vendors will continue to hold onto their assets, is that they are showing good returns and capital growth for the first time in many years. “Investment properties are still showing great returns, and in some cases renting within a week which is making it look a lot more attractive for investors having their money in the property market rather than in the bank, when interest rates are this low,” states Mr Kelaher. As part of their report for the year to come in Sydney real estate, PK Property have also issued a hot tip for investors. “If you are looking at buying an investment property in your self managed super fund, or outside your fund for up to $700,000, or looking to upgrade your family home there is no better time to do it than now, ” exclaims Mr Kelaher. “This property market is moving, and will continue to move over the next 2 to 3 years, so jump on the capital gain train and enjoy the ride.”
For more information about PK Property and their market predictions, visit www.pkproperty.com.au or call Peter Kelaher direct on +61 (0) 419 200 018 or office + 61 (2) 9960 1066.