James Hayashi from McGrath Real Estate gives us his insights into Sydney’s market in the coming months.
There are early signs that Spring is coming to the Sydney metro market; the competition for stock has already started before anyone’s even heard the starter’s gun. Home listing numbers are rising with Sydney seeing an addition of 1174 homes in June–a 12.3% rise from May—and these numbers are expected to keep rising.
Open houses have been seeing a lot more people come through for inspections, however, many buyers are lacking the confidence and knowledge of purchasing opportunities so it’s more crucial than ever for buyers to be more well-informed to understand pricing and how to identify good value when they see it.
Buyers will most probably remain hesitant and wait until Spring or after to transact. Buyers usually start being more active when listing levels increase where there’s less competition and have more time to make a decision. The only issue with having so much time to decide is that buyers can start over-thinking or confusing themselves. People tend to keep waiting for ‘the bottom marker’ to come around and only then will try to find their ‘perfect’ property, but having both can be very rare.
The best advice for buyers is, if you find a property you love, if it makes commercial sense, and you can afford to buy it, act now! Situations can change very quickly and no one can really predict what will happen next. There will always be a reason to not buy a property when talking with peers and you may end up missing out on great opportunities. The decision to buy is ultimately about you.