After starting the first buyers agency in Sydney 15 years ago and being in Cremorne town centre for 13 years PK Property has great pleasure in announcing that we have moved our Lower North Shore office that services the North Shore, Northern Beaches, Northern Districts, to Retail Shop 1/696 Military Road, Mosman. Please note that our City office located at the AMP centre 50 Bridge Street, Sydney services the Sydney CBD, the Eastern Suburbs, Inner West & Southern suburbs and has not moved.
Stock is really tight at present in every market demographic, from 2 bed units up to $700,000 to free standing homes up to $2.5 million all over Sydney. This is the tightest we have seen it in 7 years and unfortunately as I predicted in my last newsletter it's not going to be getting that much better through Spring 2012.
We have purchased a few this week unit 6/25 Parraween Street, Cremorne for $700,000 before it even hit the market and 56 Benelong Street, Cremorne for $2.2 Million, 17 Eastbourne Ave, Wahroonga for $914,000, 29/747 Old South Head Road Vaucluse for $505,000, 8 Jellicoe Street, Balgowlah Heights for $2.9 Million, a silent sale townhouse at 49/2 Spruson Street for $900,000, 23/40-42 Brookvale Ave, Brookvale for $519,000 and 8 Wiltshire Court, Cherrybrook for $735,000.
We have a number of sales in the Eastern Suburbs and the Northern Beaches and Upper North Shore under negotiations at present and will report them once they have exchanged in our October Newsletter.
PK's Property Market Predictions for 2012
With predictions of lower interest rates before the end of the year and stock levels at record lows there's no doubt that spring is going to be a real disappointment for some buyers, and a win for vendors.
The upper end is still struggling but more people are buying higher end properties than I have seen in around three years. The brand new property I bought for a client at 13 Shellbank Ave Mosman last month for $10.1 Million dollars would have been worth $14 Million dollars 3 years ago, so people are now seeing good value in these waterfront properties.
The property shortage is now all over Sydney with agents reporting that there is no lack of buyers, just a lack of properties to sell them. This is creating a domino effect in the market because vendors won't list their home for sale if they can't find something to buy.
PK's Hot Tip
If you can transact this spring I would strongly encourage you to do so. Sydney is waking up, and the next three years should see some capital growth especially in the lower end as interest rates are so low, forcing people in the rental market to now think about purchasing. I am more confident in the Sydney property market than I have been for quiet sometime, and with such low interest rates investors will be taking their money out of the banks and putting it into property.
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