It's a dog's breakfast out there!
A lot of properties are getting passed in, sold prior or withdrawn at the moment, what a contrast from this time last year.
'A Grade' property is still selling really well; 'B Grade' is selling ok and 'C Grade' not at all.
It's interesting, some properties I have been bidding at auction on lately have been going way over reserve therefore sidelining me from buying them, and then others have been failing miserably allowing me to buy way under reserve. It's all about patience at the moment and playing the waiting game, and then knowing when to strike when the iron is hot.
Strategy is so important at the moment and unless you are an experienced property negotiator, you will get stung. This is not a market for young players so make sure that you get someone on board that has plenty of experience in this arena it could be the best money you have ever spent. There are deals to be had at present, you just have to be able to sniff them out and then hunt them down.
Some agents are still telling vendors 2017 prices for their properties, so be sure you are not wasting your time on these properties because they will just get withdrawn because the vendors want too much.
PK'S Sydney Property Market Predictions
I think winter will be a little slow on the listing side, but in certain areas properties will still be selling well. It's just getting to be a normal market now rather than a market that was out of control.
PK'S Hot Property Tips
It's always good to be buying and selling in the same market. I am saying to sellers at the moment: 'sure you might be taking less for your property at present, but you should also be buying for less on the other side.' So in the end it all comes out in the wash, and understand it's better than renting, and as always you need to hang on to a property for at least 5 to 7 years to redeem profits.
If you would like to receive PK's Sydney Property Market Updates, hot investment tips, and much more please subscribe here. Or call one of our Buyer's Agents today on (+61) 2 9960 1066 or email us so we can help you find you the right property at the lowest possible price.
Also don't forget PK'S 2 min video tutorials on you tube showing you the latest hot tips and negotiating tricks.