With reports from all of the media indicating that the Sydney market has now hit rock bottom, you are probably wondering where to from here.
At this time of the year I always like to reflect on what was, and what might be. 2006 was a year where good property steamed ahead, and average run of the mill property sold hesitantly.
There is many different segmented markets in the Sydney property market and they are all moving in different directions at different times.
The media is finally starting to work out that a blanket statement that says the Sydney property market is booming, or the Sydney property market is in recession, is just not good enough anymore. Houses in Bronte and Whale Beach have been going up at a ridiculous pace over the last three years, where houses in Blacktown and Penrith have been in the doldrums. Two bedroom Inner city apartments without views have been stagnant and falling in price, where three bedroom city apartments with harbour views and plenty of storage are being snapped up by empty nesters left, right and centre for top prices.
Semis in Bondi and the Lower North shore of Sydney are as rare as hens teeth, therefore demand is outstripping supply sending prices sky high. Good family homes with water views, flat backyards on good sized blocks, with pools and period features in Sydney's Lower North Shore in the $3 million to $6 million range are nearly unheard of with most of these properties being sold for top dollar off the agents data bases, they don't even hit the papers. I could go on and on and realistically I can, as I am not limited by space on this website, but unfortunately our media writers are, and therefore only report on one market at a time which in turn can give a wrong perception to buyers out there in the marketplace.
With 2007 fastly approaching my tip is the market is going to sail along very nicely in most segments with some markets doing exceptionally well and others just holding their own pace. We have got two elections which always causes a little hesitancy in the property market say a month before the election, but my tip is that there will be a few little stimulation promises from either side that will boost the Sydney market. I am going to put myself right out there by saying there might even be an interest rate cut just before the federal election, but don't be surprised if we get a one off interest rate hike before then.
There is no doubt that the Sydney market in my view has reached it's bottom, and with rising rents and the lowest vacancy rates in 30 years, it is perfect timing for investment property purchasing and property upgrading. Yes as the old saying goes if you hit rock bottom there is no where else to go except up.
Please note : If you are wanting some independent professional advice on the Sydney property market segment you are looking at buying into please contact one of our buyers agents today.
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