As many of you know, the property market in Sydney has increased massively in the last two years but what does it look like in 2022? Some experts have predicted that the market will slow down while others have said differently. In this blog, we will give you all the information you need to know so you can feel confident looking for your next property today.
Sydney’s Property Market
Last year Sydney’s property market went soaring with many locations experiencing house price growth of 24% and more! While the market has been going high-speed December 2021 started slowing down with the prices of property staying steady and less auction clearance rates than previous months. This made experts question if that was the end of the market boom however January started stronger than ever and showed that it is definitely not the end.
Should I Get Property Now Or Wait?
While the prices are still higher than in the following years it is still a perfect time to look for a property before the interests rates start to rise. When interest rates start to rise it may be harder to get approval from the bank and in turn give you a smaller budget to work with which makes it tricky when looking for property in Sydney.
What Should I Keep In Mind?
You should set yourself up financially by getting a pre-approval before starting to look. This will ensure you know what your budget is and you can stick to it! While Searching it is a good idea to keep in mind pest and building reports for those properties that interest you the most. This will ensure that you have covered all your ends and have peace of mind before putting an offer on the house!
Will The Market Slow Down?
By the looks of it, no. Some experts are now predicting that this market boom can last well into 2023 and there may be no sign of the prices of houses dropping at all in the future.
So there you have it; the property boom isn’t going anywhere but we would suggest acting now while interest rates are still low! If you are in need of any assistance or are in search of property contact us and we can help search for your next home!
