A-Grade property still selling strong!
Well we are getting 3 months in now, and the market is showing some relief from the dizzy heights of this time a year ago.
Auction clearance rates have been hovering around the 60 to 70 percent range, and buyers have been able to be a little more choosey taking their time to make decisions on their life purchase.
The more expensive suburbs are still suffering a severe shortage of stock and this will be what holds up property prices in these suburbs.
This is a completely different story for the Western Suburbs of Sydney which has plenty of stock, and therefore prices are moving down making it affordable for First Home Buyers.
A-Grade stock is still selling really well, and a good example is a property we bought for a client in an off-the-plan sale last week in the Shoreline apartments on Manly Beach for $8.5 Million.
The downsizer market is firing as the stock levels are the lowest I have seen in 20 years, but when I say downsizer, most people are selling the big homes but are finding they have to spend the same money they get for their home or more, to be in the location they want.
PK'S Sydney Property Market predictions
I think the market will be pretty steady moving forward with no real change in interest rates and low unemployment.
If you are smart at the moment I think you can pick up a pretty good bargain in this market. Most vendors are meeting the market now knowing if they take a little less for their property, they can make it up on the other side when they purchase. It's also wise to sometimes buy and sell in the same market.
PK'S Hot Property Tips
Since October last year, I think my savings for clients has been somewhat better than the last 3 years when the market was booming. If there was anytime you needed a good experienced Buyer's Agent, that time would be now so they can navigate you through the smoke and mirrors that are going on at present. Please feel free to call me for a confidential chat on 0419 200 018.
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