Market is Steady and Strong
Well, it seems to be all hands on deck here, with the Sydney property market delivering over the last 4 weeks auction clearance rates over 70%.
Yes, no doubt buyers are being much more picky about what they will pay for some properties, and if that property doesn't tick all the boxes, agents are dropping price guides to get deals done.
We have also found that buyers are now advising us that they honestly believe interest rates have reached their peak, and what goes up must eventually come down.
This talk of interest rates coming down has in my mind stimulated the property market, as buyers are convinced that by the end of this year we will be into the next property boom. I tend to agree with them.
I also believe by Christmas this year the banks will be offering a 4.99% home loan for owner occupiers, at present it is around 5.99%, and that will definitely be because the RBA will be dropping rates, but I also think the banks will be competing for market share.
It's all very interesting out there in the property arena at present, with all this proposed rezoning that the Minns government is talking about, and the potential drop in interest rates, all make the 2024 property market look very exciting.
PK'S Sydney property market predictions
I believe with Easter and a very stagnated school holiday period coming up in April this year, I think the majority of the property campaigns won't start till late April, or May this year. I really do think this next quarter will be the time to buy, because if the stars are aligning and interest rates start to come down in June 2024, I believe that will stimulate the market.
PK'S Hot Property tips
Please understand in most cases that your home loan usually needs to be approved again after 3 months, so make sure that you're not out there exchanging your next dream home on an old approval.