Market Strong right up until Christmas and into 2017
Well everyone we are entering full blown spring selling season soon and unfortunately agents are still reporting a lack of stock close to 40 percent less than this time last year. That's the bad news, but the good news is if your selling, prices are holding up very well with auction clearance rates around 85%.
I do believe the Sydney property market is going to be strong right through spring and into 2017, and the biggest complaint I am hearing from all parties at present is that same old, same old, no good quality stock available.
With record low interest rates, and maybe even some more cuts to come I think its safe to say that this lower interest rate environment could be around for at least another two years, maybe more.
The reason stock levels are so low is because no one can find anything to buy, and therefore vendors don't want to be stuck out in the cold in a moving market. I am noticing more people going into bridging loans and buying first, because they know they can sell their property.
So if you're waiting for the market to come down before you buy your new dream home, I would suggest you don't wait any longer and get out there and purchase. With interest rates this low why would you bother about renting.
PK's Property Market Predictions
Spring will be a hot market and I believe that things will continue right up until next winter 2017, so as I said above don't wait get out there and buy.
PK's Hot Tip
One of the advantages we are giving our clients at present is the opportunity for us to find them silent sales, that is properties off market not advertised. If you would like to have an edge in this current market feel free to give one of our buyers agents a call today on 99601066.
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