Watch our latest market update video to find out how the Sydney CBD property market is changing leading up to Spring.
Spring is fast approaching!
Although we’ve seen a small decrease in property values (less than 1% in the last 12 months), there is still steady demand for Sydney properties that are presented and priced well. It is true that CBD properties are taking slightly longer to sell in the current market but they are still fetching very fair prices.
A combination of factors are contributing to the slowing of the sale market. There has been a drop in Chinese investors buying Sydney property and we’re also seeing banks tighten their grip on lending. The time it now takes to be approved for mortgages can be up to 5 weeks ( this is effecting Auction Clearance rates in particular). These elements combined with the saturation of brand new properties on the market from the Darling Square and similar new developments has effected prices and buyer demand.
It’s a great time to be a buyer right now. If you’re in a position to buy property, you’re in luck. Vendors that have had their property on the market for some time may be persuaded to accept a lower price to get the deal done. If you’re a seller in the current market it’s never been more important to present the property well and to go to market with a competitive and reasonable price to attract buyers in the first 1-2 weeks while the property is ‘fresh’. A common mistake property owners are making is to go to market with their dream figure and slowly drop the price over a number of weeks, all the while the property drops down in search results and becomes ‘stale’ before its even priced correctly.
In summary we are positive about the future, it is our belief that what the market is experiencing now is the bottom of the next property cycle, meaning steady growth is expected to continue. We may see some more small drops in the very near future but all in all properties are still selling and the buyers are out there.
That’s all for Quarter 3 Market Update – If you have any questions, don’t hesitate to reach out.
Copyright Metro Realty Pty Ltd