**RED ALERT** The time to buy is now!
Sorry for my delay in getting my property market update to you, but I really needed to see if the RBA was going to cut interest rates (even though I knew they wouldn't). A statement below sums it up from one of my favourite economists Bill Evans. See below:
“The RBA needs the unemployment rate to fall below 5 per cent to avoid cutting,'' said Westpac economist Bill Evans, who expects the jobless rate to rise to 5.3 per cent by year-end. ''And we are already seeing negative growth in the cyclical employment.''
So I do believe our leading indicator for an interest rate cut will be if unemployment starts to tick over 5%, but if it goes down, it could take that off the table very quickly.
Anyway let's get back to what's happening in our present marketplace, and it's not all is doom and gloom.
I have had this business for 22 years and as you know, I operate all over Sydney buying all sorts of property, so that's why I get to see where markets are falling, rising, and stabilising.
I also get the personal feedback from all types of buyers, and the one common theme that I am hearing at the moment is that they believe it's time to buy certain types of property. They are saying to me that they think the market is either at the bottom, nearing the bottom, or stabilising.
And yes I do agree with them that there is ample opportunity out there at present, that I know won't be there in 3 months' time. I have found that the people that try and pick the rock bottom of the market end up in most cases getting caught in a market that starts to go north which can easily happen within a 4 week period.
ATTENTION BUYERS! Please understand that it is now May and by the time you buy something which could take upward of three months or more, then add an 8 week settlement period on to it, there you go it's the end of the year.
PK's Property Market Predictions
My market prediction is that we are rocking along the bottom of the market in certain postcodes at present, but I do see market activity in these prime blue chip postcodes lifting considerably by the end of the year.
PK's Hot Property Tips
If you are struggling and stressing about bidding at auction, please note for the month of May 2019 PK Property have a special offer for you. See below:
Call me today for a confidential chat in regards to helping you purchase your next home or investment property on 0419 200 018.
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