Steady as she goes for the rest of 2023
Well yet another interest rate rise, and I don't care what anyone says, the next movement will be down.
I honestly believe by the start of spring next year 2024 interest rates will be a full percentage point lower, and the big four banks will be pitching their home loan rates at 4.99% and fighting for your business.
The property market at present is not a normal trading market as the only people really selling are debt downsizers, downsizers, and people divorcing.
Just to explain to you in a little more depth what a debt downsizer is as it's a market that is getting larger and larger as interest rates peak. A lot of clients more than I have come across in the 26 Years I have had the business are saying we are not of the age of downsizing, we just don't want a large mortgage anymore, we want to live life.
One other thing I am also seeing is that there is more money around in the property arena than I have seen since I have had the business.
And on another note, we are also noticing that any property that has been totally renovated, or is brand new, is selling within a week of its campaign starting.
I know I am touching on a number of subjects today, but when you get to the end of the year there is a lot of observing to be done from the past 10 months that have passed.
PK'S Sydney property market predictions
In short interest rates down next year, property still in short supply, when interest rates level out the next 3-year property boom will start, the Chinese will enter very hard into the 2024 property market.
PK'S Hot Property tips
I suggest if you see a property you like that you have a good crack at it now, as stock levels will still be really tight in 2024.
Please Call me today for a confidential chat in regards to helping you purchase your next home or investment property. Peter Kelaher 0419-200018