Better late than never everyone, sorry it's been a little bit busy at PK Property this month the market has really taken off.
Well, what a difference 1 year makes, I think everybody is sick of the doom and gloom and has suddenly decided to get on with their lives which is definitely reflecting in numbers turning up at open inspections. Our sales have been incredible the last 4 weeks with 4 purchases in Manly alone and many more all over Sydney. There are reports that stock levels in Sydney have risen, but in the East, Lower North Shore, Inner West, and Manly / Freshwater area up to $1.5 million in houses it is dire.
PK's Property Market Predictions for 2012
With interest rates at all time lows and banks being extremely competitive to win the business, I think you will see a lot of renters come out of the rental market into the property market to buy in 2012. The landlord has been king for a long time and my tip is that while interest rates are low and property prices are subdued, you will see a good influx of buyers in the $350,000 to $1 million range start to enter the market in 2012. As the lower end starts to recover and more people come out of the rental market and buy, that's when capital growth starts and rents ease. I think the upper end will still struggle this year but I do believe that up to $2.5 million on the Lower North Shore in houses there will be a revival which will slowly creep down to the Upper North Shore by Spring. On the Northern Beaches up to North Curl Curl I think you will find these areas will also start to pick up considerably due to low stock levels, and it will be great buying all year up to Palm Beach. The Eastern Suburbs up to $3 million in houses should be pretty strong, above that no change from last year unless the stock market really shows signs of taking off. The Inner West will show continued signs of strength throughout the year and I do believe rental prices will stay strong.
Overall I don't think there has been a better time to upgrade or get off that rental treadmill, as it is always hard and dangerous to try and pick the bottom of the property cycle but under these present circumstances I do think we are there now.
PK's Hot Tip
Don't leave it another day to do that upgrade to another property or buy that investment property as things seem to be so much better than 2011.
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