Welcome to my first property report of 2022, its 18th January and what an interesting market we have returned to this year.
Last week across NSW 1056 properties sold, only 16 of those at auction. What’s selling is stock left over from last year, with comparatively few properties being listed- thats the case for both on and off market listings, and sales agents are reporting vendors postponing their listings partly due to the uncertainty in the market around health concerns and other issues.
Public health news, speculation around interest rates, Inflation in the US, buyer fatigue, and a general feeling that property prices cant continue to increase as they have been are all playing their part to take some heat out of the market.
But I do think this property cycle has some way left to run before it peaks.
The imminent federal election could put the brakes on owners listing even further over the next few months, which means a shortage of supply.
Add to this more demand from foreign buyers, the and the return of temporary residents and students in coming months and more returning expats, and we could see demand outpace supply.
rents are also increasing across the board which is enticing investors back to purchase and creating additional demand.
In the last few months of last year in many Sydney suburbs. sentiment, and prices fluctuated from week to week. This is a theme set to continue in 2022.
Now more than ever if you’re looking to purchase you need to be well researched at a local level and ready to act quickly when an opportunity pops up.
Be wary of inferior property listings, check comparable sales and all listings in your buy area weekly,
And be guided by good data such as new listing volume, days,on market, clearance rates and withdrawn listings which will give you the real story rather than listening to news headlines.
Thats all for this week, I hope you found this informative and look forward to presenting you with another market report next week.