Stock is real low therefore prices will rise
Well everyone, if the stock doesn't arrive over the next 4 to 5 weeks, that's going to be it for 2019.
Vendors now know the market is moving north not south, so their motivation to sell is simply not there, making stock real tight.
We are finding a lot of vendors are still choosing to sell their properties off-market as they are still a little nervous, and don't want to spend money on marketing and styling in the hope of not getting a sale price they are happy with.
The market is getting stronger week by week and a good example was the grand final long weekend just passed where there were only 175 properties up for auction, but the auction clearance rate was still 75% in comparison to last year only being 44%.
Why are people just not selling? Well there are a number of reasons but I think these are the main two: due to high stamp duties and moving costs, many people are choosing to stay where they are and renovate; another reason is that they just won't sell until they can see enough stock on the market to make the move.
I think the market will get back to some normality over the next twelve months, but don't expect it to be cheaper in 2020.
PK'S Sydney Property Market Predictions
I really do think the Sydney property market will move 10 percent by Christmas 2020, no doubt there are a few disclaimers on that one, world war three etc, but if everything keeps on moving along at this pace look out for strong growth.
PK'S Hot Property Tips
Under quoting is crazy at the moment, the worst I have seen it in 3 years, so be careful! If you are not sure what a properties really worth, call me directly for some free advice 0419 200 018.
Call me today for a confidential chat in regards to helping you purchase your next home or investment property. Peter Kelaher 0419 200 018
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