PK's Sydney Property Market Update August 2023
Spring will offer lots more listings
Well looks like we might have a little reprieve from rising interest rates, and my tip is that it might very well be the last one. What will hurt now is how long they keep them at this heightened level before they drop them, and the damage it will do to all those people that are coming off a fixed rate to variable in the coming months.
My belief is that the RBA wants to see unemployment rise to 4.5% before they start thinking about dropping them. One of the main reasons the market is holding up so well is because people feel very secure in their job at present, and stock levels are really tight.
I think once the stock starts coming on in spring the market will take a breath, but buyers please understand there has been a lot of buyers that have not been able to purchase in Winter, so these buyers will be backed up and hungry to buy in spring.
PK's Property Market Predictions
Buyers, you will have a lot more to choose from in Spring as Winter has been very disappointing for stock. With more stock to choose from, I think prices will settle a little and there will be some deals to be had with some vendors under pressure to sell.
PK's Hot Property Tips
Have your finance ready and approved so that when all this stock arrives in Spring you are ready to go.
Also, note if you do have a pre-approval just go back and check this week if you can still get that same amount of money as things change with the banks all the time.