Sydney’s property market is in for interesting times over the next three years with industry sources reporting that house prices could return to peak levels and the pressure is now back on buyers looking to get into the market.
A recent run of interest rate cuts and lower stock levels has brought about fierce competition at local auctions, with most properties reported as selling “well over reserve” as buyers fight to secure properties before the market rises again.
The latest headlines report that confidence is high and that the property market is in recovery mode with investors “getting their mojo back”.
Data house CoreLogic reported a 1.7 per cent increase in home values in both Sydney and Melbourne in September, the third month of growth since the end of the boom.
Stock levels continue to remain low with no rush from sellers to take advantage of the good selling conditions but there is still time to list with about 10 weeks until the Christmas break.
There are lots of clichés that ring true in the real estate game and one that certainly comes to mind at present is “Smart Sellers Sell when no-one else is Selling”. If you can score an over reserve sale price before the year is out and lock in a very low interest rate on your next purchase, you could be laughing all the way into 2020.
For a confidential chat about your property or my free Style Me Up Property Styling service, please don’t hesitate to call me on 0431 701 216.