Market strong right through 'till Christmas
With record low interest rates, low stock levels and clients reporting of getting loans for under 3%, no wonder my predictions are for a pumping property market moving forward.
One of the main reasons for low stock levels is that vendors are just not seeing enough sales in their immediate area, and therefore are very hesitant to go into a full marketing program. Hence the huge amount of off market sales happening at present, the most I have seen in 20 years.
How quickly confidence has come back into this property market since the election is astounding, and I do believe the momentum is just starting to build. My only disclaimer at present is that if huge volumes of property come on, I dare say that will slow the market up for a short period of time, and when that dries up things will start to fly again.
My other concern is that more property will come on in Spring, but the agents are reporting it will still be tight in certain areas.
The comment agents are getting from vendors at present, is 'why would I sell now when I believe the market is going to get better next year?' And the agents answer to that is, 'Well whatever you buy Mr. or Mrs Vendor, next year will also be more expensive.'
One of the key markets that has been missing over the last two years has been the investor market. The last 3 months has seen the return of the investors because banks are loosening their lending criteria, and the purchase price is making sense to the rental return the investor is getting. I see the investor market being in direct competition to the First Home Buyer market over the next two years now that negative gearing is here to stay.
PK's Property Market Predictions
I believe the whole Sydney property market will move up 10 percent by Spring 2020. And because that is a bold prediction, I am going to leave it to just one prediction in my property market update this month.
PK's Hot Property Tips
As I said, there is more off market property than ever at present, and unless you are registered with us you just won't truly see the whole market. Therefore, also as I've been saying, if you are not in the off market arena, you are just simply not in the market.
Call me directly today on 0419 200 018 for a confidential chat and for independent advice in regards to helping you purchase your next home or investment property.
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