AFTER many years of price increases in the property market, we have certainly seen our share of volatility this year with many ups and downs.
So many factors were at play; the Royal Commission in the banking sector and tightening their rein on banks resulting in the mortgage approval rate dropping to an all-time low, the federal election had a knock-on effect to buyer confidence in the market and we saw the biggest drop in Sydney houses prices in many years.
Mid-year was the most effected from May through the winter months to July. We certainly bought some bargains for our clients in those months. If you were buying and selling in the same market, it didn’t hit as hard. If you bought in the boom and tried to sell mid-year, you certainly felt the ‘pinch’.
At the beginning of the year, I predicted that there would be a mini spike in prices the last quarter of the year, where people rushed to buy property before Christmas.
We have seen some suburbs jump over 10 per cent in the last few months after the initial mid-year correction.
Once the Royal Commission was over, the banks loosened their policies, interest rates dropped to an all-time low and we started seeing buyer confidence return including the investors trickling back to the market.
2020 is predicted to be a good year in Sydney. With banks likely to keep the interest rates low to help stimulate the market.
After speaking with many agents across different locations, there seems to be good stock levels returning in February.
We look forward to our Christmas break and are excited to start 2020 searching for many new client opportunities across different locations and budgets.
If you want help in 2020, give us a call on 1300 447 732 or if you need to sell, call Tony on 0413 696 722.