I want to take this opportunity to look back at what has certainly been a successful 12 months in the real estate market.
The market is well and truly in full swing with vendors and buyers taking full advantage of the warmer months, with both parties looking to either sell or secure their new home in the early stages of the new year. While stock is slightly lower than this time last year, it is anticipated that we will start to see an upward trend in 2017 as the market regains its buoyancy with predictions indicating that it will remain a sellers market well into the New Year.
At the end of 2016, Sydney found itself again in a strong position with end of year reports indicating that the median Sydney property price is approximately 1.5 times what it was worth five years ago. Experts have indicated however, that this robust trend can’t be maintained and reports suggest that 2017 and 2018 may see a slowdown in Sydney’s capital growth. November results demonstrated a rise of 8.02% in the housing market throughout 2016 which equates to a $55,000 boost in the average value. While this may seem impressive, it doesn’t compare to the rate recorded in September 2015, which was a massive 21.95%. 2017 and beyond will likely demonstrate that such an upward trend is not sustainable and unlikely to be supported over the long term with the market plateauing in response to the recent four year boom period.
Overall 2016 has been a positive year for homeowners and investors however we must remember that the high growth rates we’ve experienced over the last couple of years are likely to plateau coming into the later half of 2017 and 2018 making it an ideal time for buyers to enter the fray.
If you are considering selling, now is the time before the market starts to level out so you can ensure you receivethe best possible price!