Welcome to our quarter 2 real estate market update. Our depiction of market update is done by our real estate agents straight from the front line.
As Sydney’s property values continue to stabilise, different areas of greater Sydney are experiencing varying price growth. Although the media will paint a gloomy picture, overall
it’s a very stable and steady market.
With regards to real estate in Sydney CBD specifically, prices have become stable/stagnant. We haven’t seen it dramatically go up or down.
Buyer demand on the other hand have slowed down – however, its not affecting the sale prices greatly. It simply means it’s harder and takes longer to sell.
Tip for real estate sellers/vendors: This is not a market place and time to have a rookie real estate agent represent you or a do it yourself. Skilled real estate agent with the power of a team will bring forth more to the table.
With regards to selling your real estate, now is as good time as any time. You can always wait until Spring in hopes of better buyer demand. Bear in mind that if you do list in Spring, you’re in competition with every other vendor wanting to sell their real estate in Sydney.
With regards to the rental real estate market, it’s taking an average of 4-6 weeks to rent out apartments. Essentially, if you’ve got a property empty now, you’re looking at having it vacant for about 4-6 weeks. We’re also seeing landlords discount their rent down like they have never before in order to rent them out.
Tip for landlords: Now is not time for landlords to be greedy with their rental prices (very sorry to be the bearer of this news) – vacancy is the enemy. Do the math at all times and don’t be romantic about your rental price.