2021 will be an incredible year in the Sydney property Market
Well another year in real estate, and what a year it will be. We are starting to get a feel of what sort of stock levels are coming on, and it's not absolutely dire, but it's not exactly inspiring.
Agents are reporting an incredible number of buyers through open inspections at present and auction clearance rates are at an all-time high of 90%.
With APRA loosening the apron strings for lending on March 1st, interest rates the lowest on record, and stock levels low, it's no wonder auction clearance rates are so high.
Buyers are also reporting that underquoting is rife, so their methodology at the moment is to add at least 20% to the price of everything they see.
Unfortunately, this market will continue to soar upwards for quite some time, so buyers need to be financed and ready to move at lightning speed once they have seen a property they like.
I have been saying for many months now that this property market was about to take off and covid 19 has been a major factor for the shift. People have brought property plans forward, especially downsizers, because overseas travel is looking very distant at this present time, and employees have been told that home is now their workplace, so they have opted for bigger houses with more rooms.
All that I can say is, buyers buckle up! Get ready for a wild ride, this is the fastest moving market in price growth I have seen in 24 years as a Buyer's Agent.
PK'S Sydney property market predictions
I am tipping that the Sydney property market could very well move 10 to 15% by Christmas 2021.
The only thing that will stop that capital gain is if 30% of new stock was filtering through the market over this time, which in my opinion just won't happen.
PK'S Hot Property tips
If you want to secure a property on or off-market and don't want to keep on missing out due to underquoting and the games that get played throughout the property transaction, and you want the edge in this tough marketplace, then give me a call.
Call me direct today for a confidential chat in regards to helping you purchase your next home or investment property or for some independent advice. Peter Kelaher 0419-200018
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