With such a large surge of auction properties over the last 2 weeks (largest ever on record for Sydney with over 1,100 properties going under the hammer on super Saturday alone) and with Easter and school holidays upon us the property market has virtually come to a standstill. A large amount of agents seem to be on leave with all the bounce back emails we have been receiving and why wouldn’t they be with the amount of work and dollars they have amassed in the first quarter of this year. Some agents have made obscene amounts of money.
There has been no doubt in my mind that Sydney is in the grip of a property boom with the highest prices being achieved I have seen in my real estate career. You will not see a change in house prices unless interest rates start to rise. That’s not to say there are still property bargains out there, you just have to dig/search and negotiate harder. The good news is for buyers there is a lot of new stock coming onto the market. The conveyancing & solicitors firms we use are preparing lots of “contracts for sale” and my connection at “under the hammer” auctions informs me they have hundreds of auctions booked for May with the 24th of May looming as another “Super Saturday” So, patience is the key here, don’t rush into anything foolishly from being fed up.
As always we are here to answer or help with any property pain you may be having.