Wednesday 28 Mar 2018
There is so much going on in the world around us at the moment that is tumultuous and unpredictable and makes me shake my head in disbelief that it’s a relief to retreat to the steady world of residential real estate. It feels timely to acknowledge the long-term dependable value that comes from a solid, stable market.
It’s timely to talk long-term value because I anticipate the next few weeks will be comparatively quiet and it’s important not to read too much into it. It is important to keep in mind that Sydney property has been achieving double digit growth for the last decade. It’s strong and durable.
The next few weeks cover Easter, school holidays and ANZAC Day. Weirdly it’s not like Christmas which is officially considered ‘the holidays’ but the reality is the next few weeks will see a lot of people stepping out of their normal routines.
That can impact short-term market activity so the reported numbers might bounce around a little. But the market is solid. So don’t panic.
Listings are already stronger than they have been for a long time and I anticipate more will come onto the market towards the end of Autumn as part of the growing trend of a Winter sales campaign. And there is good news to come out of increased supply.
It makes the market more attractive for buyers.
And it is interesting to see the change in attitude that is emerging. Potential buyers no longer so intimidated. More buyers are out there looking and those potential buyers are determined to take advantage of the increased supply to finally secure their dream property.
But those buyers are also prepared to evaluate and make reasonable offers. It’s not just about ‘securing a bargain’, it is about finding a property at a price that represents good value. That’s a very clear demonstration of the strength of the market.