Well 2019 had it all!
Most definitely a year of ups and downs, never quite before have I seen the property market affected by a triple whammy like this one – a Royal Commission into the banking sector, a federal election and property bubble that burst, all at the same time.
The most affected months were May, June & July, where a lot of sellers found themselves “up ‘Ship Creek’ without a paddle”. Although if buying and selling in the same market there were bargains to be had and it was a suitable time to trade for some.
The biggest surprise however has been the turnaround/recovery, and once the election & Royal Commission was over, somehow buyers found their way back into the market. Largely helped by the banks revision of their mortgage serviceability policies based on the falling cash rate, borrowers found themselves back in the game, resulting in a +10% clawback for sellers.
2020 is predicted to be a good year for property in Sydney, with lower interest rates making the great Australian dream of owning a property a reality. Rents however have declined and may continue to do so as more developments complete and first home buyers who are typically renters get their feet on the property ladder due to new some government assistance.