Market Holding Up Very Well
With Easter coming early this year and school holidays being stagnated, vendors' selling campaigns have been severely disrupted.
Most new property will come on now probably the first week of May, and from there not too many interruptions moving forward other than the June long weekend, which won't make much of a difference.
As a property reporter and writer every month for the last 30 years, I have probably got more right than wrong, but after seeing inflation go up in the United States this week and unemployment go down, I must admit my crystal ball has been tarnished.
I was hoping we would have an interest rate cut around July this year but this has all been put on the backburner. I believe this can be credited to stubborn inflation worldwide, low employment in the U.S. and Australia, and an overall strong property market in Australia.
For general stability of the country, unless a government is absolutely hopeless, they like them to run for a second term. So, this is how it will play out, The May election is 2025 and the main thing the labor government is getting smashed on is the cost of living.
Therefore, they will start giving handouts here and there to look responsible for inflation and show that they are doing something about the cost of living. Inflation will naturally come down and you will see your interest rate drop first quarter of next year, making the labor government look like miracle workers in time for the May election.
I wanted to end my report on what is a very sad event that has happened over the last 24 Hours. The Bondi Junction attack has rocked me to the core. To all the deceased my prayers are with you and your families, and to all that are wounded I pray that you recover quickly.
PK'S Sydney property market predictions
This market at 70 percent auction clearance rates seems to be pretty consistent, winter will come and go quickly and the birds will be chirping for spring. I think with interest rates not going down anytime soon, the market will bubble along.
PK'S Hot Property tips
Some properties are going really well at present and others are struggling to sell. Be patient, don't pay overs, and most of all do your due diligence on values, building inspections and property contract reviews.
Please Call me today for a confidential chat in regards to helping you purchase your next home or investment property. Peter Kelaher 0419 200 018