33 Cometrowe Street Drummoyne Archives

Comment: Property Market Crash

Auction Results Sydney

- Real Estate Institute of Australia president Adrian Kelly said forecasts of a crash were “fanciful”.

“We have a situation where listings are decreasing yet the inquiry level from prospective buyers is increasing … I do not believe that this points to a catastrophic outlook for house prices,” he said.

- Researchers predict the property downturn won't last long. Over the past 50 years, house prices were higher five years after a recession or downturn each time. In Sydney, from the start to the end of this decade, median house prices had increased from $530,00 to $972,000 and the average number of transactions have decreased. Now is the ideal time to trade up in Sydney or buy in the Southern Highlands.

- $50k boost on the cards for new property purchasers! The $50,000 grant would only be applicable to purchasers of newly constructed dwellings and is limited to 50,000 purchases.

- First Home Buyers are taking advantage of favourable buying conditions. Record low interests (which will be with us for a long time), reduced competition and lower vendor price expectations.

Using a Buyer's Agent: A Buyer's Agent can act as a 'middleman' at a time when house hunting has become more difficult. A Buyer's Agent can help by providing a shortlist of properties and arrange private viewings.

Auctions have resumed Onsite. If you are planning on bidding , it is important you have a proven auction strategy and get professional advice.

TBAS® Buyers Agents are continuing to inspect, bid at auction Online and Onsite to purchase properties for their clients. For more details contact us.