An uphill battle or an open ground for opportunity? You’ll have heard and seen both ends of the spectrum when it comes to Sydney’s current housing predicament, with buyer behaviour clouded by uncertainty – and the market resembling an empty shop with a sale on.
At least that’s the current situation in South West Sydney, according to the latest findings from REA Group – showing a 33.5% decline in demand for properties throughout the region. So if prices are cooling off and affordable housing becoming a reality, then where are all the home buyers?
It’s a question that could be answered by the number of Australians looking to secure a home, at an arm’s length. One Sydney buyer summed it up over the weekend: “There’s a bit of uncertainty and if we hold off another year, we could potentially get more for our money.” (Domain)
Reasonable logic it may seem, if you can predict when property prices will be at their lowest – except that we can’t. And it’s this logic that’s building pent up demand for properties in Sydney, when only the act of people buying a home has changed, with the need still remaining the same.
The likely result? When the scales tip and property prices level out, the market will be flooded with buyers, driving competition (and therefore prices) back up. In which case, it’ll be too late for that bargain.
As it’s impossible to know the best time to buy until after it’s happened (i.e when the opportunity has come and gone), smart people are buying now. After all, you’re guaranteed to be getting more for your money than if you shopped 12 months ago – with the added bonus of being ‘first to the shop’ with maximum choice.
Looking to buy? Don’t go past the experts.
Contact Prudential Real Estate: (02) 4628 0033 | campbelltown@prudential.com.au
