PK's Sydney Property Market Update May 2021
PK Team Transacts Nearly $50 Million Worth of Property in 15 Days and Breaks Two Major Records in One Week!
So, I think the biggest claim to fame for me in April was a super confidential off-market property that I bought in Annandale for my clients, which was the most expensive property ever in Annandale.
I am told by the Annandale agents that $5 million was the highest sale ever paid, and I can tell you that this property was streets ahead in quality and size, compared to that $5 million property.
And yes, I can also tell you it was way, way, more expensive than that $5 million property, and it will be a long time till this record will be broken.
I was also involved in another property transaction in East Balmain, which was a classic off-market waterfront sold in the double digits, the highest sale ever made in East Balmain.
Sorry everyone, but I was getting a little tired of all the agents gloating about suburb records, reserves smashed etc, and had to have a little boast about what our team had achieved.
Now back to what is going on in the marketplace. We have seen more stock arrive over the past 4 weeks but not a truckload of it, and that has helped auction clearance rates come down from the dizzying heights of 90% to 81%.
Don't get me wrong, a strong property market is anywhere upwards of 70%, so buyers, don't think you can sit back and relax, we have a long way to go yet in this property boom.
PK's Property Market Predictions
A, B, and C grade property stock was all selling like it was all in the A grade category up until the end of March. People were looking past the warts on property and FOMO was very real. Now they have the wart killer out and are starting to get a lot fussier on what they like and don't like, and property is once again getting categorised and purchased in the definitive categories of A, B and C.
PK's Hot Property Tips
It's important to be ready with your finance at present, as speed is what will get you over the line in this market. Agents will tell you the property is definitely going to auction so therefore buyers tend to take their time, but within hours, an agent can call you and say we are selling now, and you will be caught off guard.
To check out more of our market updates, hot investment tips and negotiating tricks, click here for our home buyer advice articles or call one of our Buyer's Agents today on (+61) 9960 1066, or email us so we can help you find the right property at the lowest possible price.
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