PK's Sydney Property Market Update November 2021
Market is showing signs of normality
Hi everyone, this will be my last newsletter for 2021 until February 2022, and what a year it has been in real estate, and for the team at PK Property.
As I write this property market update, the property market is still recording high 70% auction clearance rates, but I have noticed the sold before auction, and passed in rates are climbing.
At present, A grade property is still selling very, very well, B grade is performing strong and C grade is very lack lustre.
I believe we are now in post boom territory, as I call a boom market when there is no A grade, B grade, or C grade, it all just gets treated as A grade and FOMO is rampant.
That means quirky properties, main road properties, anything that would be hard to sell in a normal or downturned market is selling because fear of missing out has kicked in, and property prices are soaring month after month.
With more stock arriving now, Apra jumping on lending, buyer fatigue setting in from the last 24 months, and people getting back to a normal life, we should now see the market settle over the next 12 months. That is, we won't be seeing 30% gains anymore, and in some circumstances certain B and C grade property could have up to 10% falls.
With the market now backing off a little, it's a perfect time to snag yourself a bargain through this November to end of January period, so give us a call today to see if we can assist in buying that dream home or investment property.
PK'S Sydney property market predictions
As indicated above, I think the market will start backing off a little now until Christmas and show some normality in 2022. A lot of people have not had the time to get their house ready for sale so I think there could be a good amount of stock coming on in February 2022 which should also temper the market a little.
PK'S Hot Property tips
Make sure at present that you are rechecking price guides that agents are telling you, as some of them are now dropping them come the second week.
Call me today for a confidential chat in regards to helping you purchase your next home or investment property. Peter Kelaher 0419-200018
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