PK's Sydney Property Market Update April 2022
A BIG HAPPY AND SAFE EASTER TO EVERYONE
Well after organising a seminar on April 1st for 300 Agents at the Manly Pacific, opening a 3rd office at 143 Pittwater Road Manly, and buying 13 properties, it might be time for a well-earned break.
Now let's talk the market which is an interesting one at present.
A-grade stock is still going extremely well, B-grade well, and anything that is compromised in any way, which I call C-grade, is getting smashed.
Vendors still have their head in a 2021 market, and yes, that will settle down and reality will hit, but more so in June this year. So that means a lot of failed auctions, both on the day, and pulled before auction dates, and price reductions left right and centre.
For the A-grade and B-grade higher end property, the competition is still there, just not as strong as last year. In regard to investment property, as prices come down, yields will really start to look attractive again over the next 6 to 12 months, so we will see more investors enter the market.
After the biggest property boom in 40 years, we are now going from a nuts market to a normal market.
So yes buyers, the market is starting to favour you for once. It's time to play the long patient game and you very well could end up with a bargain.
PK'S Sydney property market predictions
The election is going to be a close one, and if Labor gets in, I don't see too many changes in the property arena. They learnt their lesson last time on trying to change negative gearing and superannuation, and paid a heavy price for that on election day. Stock will be tight until after the election as most people will choose not to market their property through an election and Easter.
PK'S Hot Property tips
I think listings will get really tight until after the election, and the truth of the matter is a lot of people are taking extended holidays over this Easter period.
As I mentioned above, good stock is still selling really well, and buyers have gone from fear of missing out to fear of paying too much.
I would strongly recommend that if you see something you really like, don't hesitate to put in an offer but be sure to start low and be patient.