Want the insights into the buying opportunities in Sydney and how the remainder of 2019 property market will play out? Check out John Carew from Mayfield Property Buyers in the latest carpool episode!
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Here’s the transcript of the video:
I'm a buyer at the moment. What are the opportunities that you're seeing in the current market? What are you looking at? What excites you? Yeah. Well, I mean obviously in Sydney, you know, depending on where you are in the price point you're looking at prices are off somewhere between 10 and 15 percent. So the good news is for a buyer today whether or not you're entering the market or looking to upgrading, prices have actually moved in your favor. I think probably the biggest pullback we've seen across the sort of inner Sydney market in terms of call it the 10 to 15 Kilometre rim from the CBD, is probably in those properties that are between sort of $1.5 and $3 million dollars. That I suspect are a little bit more I guess, sensitive to you know impacts from Banking and regulations in terms of the level of debt that that portion of the market is carrying. So I think there's some really good opportunities whether it's you know, terrace homes in the inner west or apartments on the lower north shore. It's just a matter of obviously finding the right one and then securing it for a right price but it's a good market for buyers to be active in because you've got far less competition than buyers did 2 or 3 years ago and they said look, this is too hard. There's 10 people at the auction. I'm going to give up. Yeah. 2019 is probably going to be a very interesting year. Got the state election, federal election coming up. How do you see 2019 kind of panning out? Well, look, the mood in the market has definitely been a little bit more positive over the past sort of 6 weeks than how it finished last year, you know clearance rates. You know, there's a lot of noise within clearance rates started, but they look like they're slightly up. I mean a few interesting things obviously, supply is really tight though this year and I think probably those upcoming Federal elections and the Royal commission, which has obviously just been released a few weeks ago. That's probably part of that reason. So I actually think supply of property will remain quite tight through to probably the middle of the year, which could be a challenge for some buyers. Yep. But equally for sellers it's a good opportunity because you'll be selling with less competition on the market. You know, my personal view is you know, I think 2019 people look back in 5 or 10 years and go that was a pretty good year to buy real estate in Sydney. But you know, hopefully by the middle of the year with those elections and all the other noise out of the way, you know, the market will start to sort of just find its rhythm a little bit more. Transactions happen a little bit easier. Obviously a lot of the negative. The media is quite negative. Yep. Still I think overly so, you know, if you read some of the headlines, they're quite dramatic, but the reality is that Sydney is still and will be for years to come and global sort of A1 player in real estate. Yeah. Sure.
