The boost to the First Home Owners Grant which was extended last year further stimulated house prices and the Australian home values recorded 12.1% growth during 2009 with the median price of a home of $595,475 in Sydney according to the Australian Property Monitors’ (APM) December quarterly report. The medium-to-long-term outlook for property prices remains strong as the population grows, incomes rise and demand for houses outstrips new supply, says an APM’ report. With the extended grant finishing on December 31 2009, there are a lot of buyers waiting to see whether the market will stabilise before deciding to buy a home in Sydney. Here is my real estate market assessment for 2010.
Buyer numbers are strong and listings are steady but low (which is typical for the time of the year) but based on previous sales history, activity will begin to pick up in the last week of January. The Sydney real estate market is cyclical, with peaks around March and early Spring. Some people are advised to avoid buying in these peak months and allow the market to settle. Good times to buy a home in Sydney are traditionally in the months of January, November and December.
As I’ve said previously, the real trick is to be one step ahead of the market and find out (often with the use of a property buyers agent) which homes are planning to sell and make an offer prior to the property being listed on the open market. The owners are generally a little unsure of how buyers will respond to their advertising campaign and may decide to accept a fair offer before the property is advertised.
The challenge, if you are going to buy a property in this market, is you need to have an eye for both up-and-coming suburbs and the critical issue of rental yield if you are looking for an investment property. Suburbs within 10 to 12km of the CBD, near Sydney’s beautiful beaches and properties close to amenities like schools, public transport, shopping centres and cafes and restaurants are always going to be high in demand. A property buyers agent will be able to tell you the hot spots in each region.
Real estate agents have advised that we appear to be in a continuation of last year and it will remain a strong sellers’ market in the Sydney area until this surge of buyers has been appeased. My feeling is that we are moving into a tighter market, and it will soon be not what you know but who you know. A property buyers agent through their network of contacts are able to show clients silent listings (properties not advertised) or properties just listed onto the market.
I went door knocking for a client a few weeks ago who wanted to buy a home in Sydney. I uncovered a home that day which I purchased for them in the following week. The seller was unsure if she should sell and she was waiting to see how the 2010 market was going to perform. I believe there are several sellers “waiting to see” how the market will perform and sitting on their white picket fence about selling. These sellers will take a little nudge and encouragement from a property buyers agent to put their houses onto the market.
Buying a home in Sydney can be quite overwhelming and disheartening in a rising market especially if a property is put up for auction. A property buyers agent’s role is to ideally try and secure a property and negotiate a sale price before the property is advertised, put on the open market or auctioned to the general public. Working with a property buyers agent gives you peace of mind that you are buying a property that is a good investment, you don’t have to compete with hordes of people for the same property and entering into a bidding war and it alleviates the stress and worry of finding a property.
Amanda On My side offers exceptional buyers agent services throughout Sydney and across Australia. Engage a professional real estate buyers agent to help you find the best property at the right price. A property buyers agent, also known as property finders or a buyers advocate, can help find, research and bid on your next home or investment property. Need a buyers Agent Sydney – then you need Amanda on your side.
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