PK's Sydney Property Market Update August 2022
If it's the right timing for you, it's the right time to buy
Hi everyone, I am coming to you fairly fresh on this new interest rate rise of 0.5%, now taking the official cash rate to 1.85%.
It's no surprise that this was going to happen, and it's also no surprise that this will continue until at least the end of the year, topping out at probably 2.5 % cash rate.
Please understand everyone, that we couldn't have stayed at those emergency interest rate levels for much longer, and that rates were always going to go up to more of a neutral level in the future.
So, let's get back to the topic at hand, that is buying a house. When is the right time to buy a house? The right time is when it suits your lifestyle and budget. Don't get me wrong, it's important to get the best deal so timing is crucial in this department, but please look at the asset, not always the price, as you will be, in most cases, living in it for more than ten years, and capital gain will fluctuate up and down.
As we head closer to Spring, yes, there will be more property coming on the market, but I am hearing through the grapevine that it could be a little thin, because people are sitting tight at the moment to see where these interest rates are going.
Spring is around the corner and the birds will be chirping, the ski fields will be closing, and Christmas will be upon us like that.
PK's Property Market Predictions
I believe there will be some great buying opportunities from here till the end of the year, so if you see something, I think it might be time to jump on it, as it seems in some areas, and some properties that most of the covid gain has come off already.
PK's Hot Property Tips
After rate hikes, it is important to go back to your financier, even if you have a pre-approval, to make sure changes in your approval haven't occurred. To all my potential clients/buyers out there, it's not a luxury to have a reputable experienced Buyer's Agent to represent you in this fickle market, it's a necessity.
I am saving my clients way over what I am charging at the moment, so feel free to give me a buzz on 0419 200 018 to discuss how I can assist in your valuation and negotiation.