PK TEAM TRANSACTS $67 MILLION WORTH OF PROPERTY
Well, it has been a busy time for the PK Team transacting 15 properties in the last month of winter for their clients, and spring has only just arrived.
The good news is that there is a lot more stock coming on, but please understand there is great stock, good stock, average stock, and yes crap stock.
I believe the market will be very price sensitive for the average and crappy stock moving forward till Christmas, and therefore vendors are just going to have to meet the market if they want to sell.
With GDP Growth figures still running in the doldrums and unemployment rising, there is no doubt that interest rate cuts are just around the corner. So is it December, or February 2024, for retail's sake I think it needs to be December as they don't meet in January and some stimulation needs to hit that sector before Christmas.
There are a lot of people hanging on out there by their chinny chin, chin, and please understand everyone when interest rates do come down, it's going to take a good 6 months before a real difference is felt.
Just like they don't put interest rates up in .5% increments anymore, they also don't drop them in those increments, it will be .25 basis points at a time month by month.
PK'S Sydney 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 and there will be some deals to be had with some vendors under pressure to sell.
PK'S Hot Property tips
Please understand everyone, once these interest rates start to drop, more people will jump into the market and we will enter into our next property boom. My tip until February 2024 would be to jump in now while you can, and then capitalise on that capital growth over the next three years.
Please Call me today for a confidential chat in regards to helping you purchase your next home or investment property. Peter Kelaher 0419-200018