It has been very hard to escape the news about the Sydney property market in the last 6 weeks. Every property item in the press, television and online has referred to the coming boom in Sydney property.
Those of you who see Steve Lockwood for your tax will have heard his predictions over the last year. Something just had to give with the Sydney property market, and it appears the time has come. Real estate specialists are saying BUY NOW.
Property prices in Sydney have been flat for around four years, if we assume a long term growth of anywhere between 6% and 10% then the market has fallen well behind this growth, and we can expect higher growth in the next 2 to 3 years.
We subscribe to the Reserve Bank Chart Pack and receive this monthly, anyone with an interest in the economy and property should do the same. The September 2013 RBA Chart Pack shows a clear upswing in property in the last 6 months.
The major factor holding the market back over the last few years related predominantly to consumer sentiment following the GFC. In fact there continues to be a large undersupply of property in the Sydney market, simple demand and supply economics indicates that this will drive prices higher. However because of this consumer sentiment and very low volumes of sales in the market, prices have remained flat.
There is a clear change in sentiment, mortgage rates are at an all time low, sellers are coming back onto the market, and as evidence by recent auction clearance rates, buyers are certainly there.
If you have been sitting on the fence, then wait no longer! Contact either Steve Lockwood or Fred Monteiro to organise an appointment for advice on Mortgage Finance. We can have a loan approved in under 24 hours.