PK's Sydney Property Market Update Special Edition March 2022
PK Property Opens Manly Office
This is going to be a busy property market update, and also one full of exciting announcements.
As most people know, I have been living on the Northern Beaches for nearly 30 years now, and it's where I had the idea to start the first Buyer's Agency in Sydney which I pioneered back in 1997, with my main aim to represent and protect the buyer in the real estate transaction.
It has been a wild ride, and one that the PK team and I are very proud of. With over 2,000 property transactions completed in this time, and 300 Buyer's Agents now operating Australia wide, Buyer's Agency is definitely the new way to buy property. We also welcome two new recruits, Sabrina Turner as our new Senior Buyer's Agent and Ashlea Sweet as our New Business Development Manager.
To celebrate PK Property's 25th anniversary, there will be hundreds of Real Estate Agents descending upon the Manly Pacific Novotel on April 1st to witness and experience some of the most successful agents in Australia speak about their love and excitement for the industry.
In the meantime, it is with great pleasure that we announce that PK Property will be starting their third office in Manly to service the whole of the Northern Beaches in March 2022. (Our other offices are presently in Mosman and Sydney CBD).
We will advise you all exactly where this prominent shop front will be in Manly in due course, and the irony of it all is that it is 50 metres away from where I originally started the business back in 1997 from a one-bedroom apartment.
With over 50% of PK Property business being done on the Northern Beaches, and me being a local for 30 years, it only made sense to lay down our roots deeper in what I see as a massive growth market in the Sydney property space over the next 10 years, hence our decision to have a stronger local presence.
In February alone, just on the Northern Beaches, the PK team bought a wide range of properties from a two-bedroom unit in Dee Why at $770,000, to the most expensive waterfront ever purchased in Fairlight (17 Fairlight Crescent). We also purchased an off-market house in Evans Street Freshwater for over $6.7 million, and a house for over $5 million in Seaforth, totalling over $26 million in property purchases.
Anyway, enough of what PK is up to, let's delve into what this property market is doing at present.
There is no doubt the property boom is over for B-grade and C-grade properties, but A-grade properties are proving to be bulletproof.
The urgency has been taken out of the market for the less attractive properties, and buyers are starting to really take their time, and are willing to wait for the perfect property.
I do believe the property market moving forward will have a soft landing, and interest rates will go up, but very slowly and not by too much. Stock is still relatively tight especially for A-grade, high-end properties, and that's a market with immigration opening up and expats returning, which I believe will continue to run strong over 2022.
Overall, I think the investor market will start to shine in 2022 with low vacancy rates, purchase prices moderating, and rents increasing, yields will start to look attractive once again.
PK's Property Market Predictions
This market will continue to march forward in March and should slow down a little come April school holidays and Easter. We have a federal election in May which always slows things down, but I believe once the new government is elected, things will fly until the end of 2022.
PK's Hot Property Tips
Make sure your finance is not only approved but up to date so you are ready to pounce should the right property become apparent. Also remember if an agent is pushing you to buy a property a few days before the auction, there is a good chance there is no one else on it, so take your chances and go to auction.
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.