by John Carew
Welcome to 2018! We are back, refreshed and ready to go for what will no doubt be another big year for the Sydney property market!
Multiple times a day we get asked about the state of the Sydney property market and what our predictions are for the year ahead. The good news for buyers this year is the Sydney market has certainly cooled and a new more balanced market between buyers and sellers is now pretty well established. Its important to remember that just like the sharemarket not every property rises or falls in unison. Some pockets of Sydney will experience some modest price growth over the year ahead while other parts of the market will fall in the vicinity of 3-5%. The good news for the savvy buyer is there will be some excellent buying opportunities.
With less organic growth many of our investor clients are now looking at how they can add value to their investment through renovations. Not only does this enable them to accelerate their equity but it also enables them to increase the rent and overall yield on the property. I expect this trend to continue and accelerate throughout 2018.
First home buyers have been much more active since the stamp duty concessions brought in July 1st 2017. We expect this trend to continue and for this reason first homebuyers should outnumber investors in the sub $650,000 space as with no stamp duty to pay first home buyers now have the upper hand here.
We look forward to being of assistance to you through 2018. No matter what your plans are we would welcome a discussion with you, your family or friends.
John Carew is the Director of Mayfield Property Buyers, an independent Sydney Buyer's Agent. He is dedicated to helping busy, time poor professionals secure their next property at the right price