The real estate market in Sydney is expected to witness a boom in spring with first-time homebuyers having the opportunity to take their pick from a large inventory of properties and more competitive prices for housing units. Springtime is always regarded as the peak season for real estate in Sydney and with lower buyers and a higher number of properties available, a boom is on the anvil according to experts.
The spring season back in the year 2016 witnessed 78% as the average rate of clearance and there were roughly 4.7 bidders for every residential property. This came down to 60% last spring with 2.9 bidders for every property. In winter, it has come down to 50% and 2.4 bidders for each housing unit according to reports.
Experts feel that new buyers will look to seize this opportunity of buying their dream residential units at the best possible prices and expectations of owners are also coming down as pointed out by market experts. Prospective buyers will have more stocks to choose from and lower competition although there are some suburbs which have bucked these trends. Some suburbs like Oxley Park, East Kurrajong and Glenorie had median home prices going up by a whopping 28.6% approximately. Prices also went up by around 37.4% in Werombi, Luddenham and Mulgoa across western Sydney. Wallacia also saw an increase of 38.2% in prices, touching $950, 000 from $687, 500 previously.
However, for most parts of Sydney, there should be a housing boom on the anvil with first-time buyers snapping up properties with lower expectations and at the right price points. There will be increased demand this spring as forecasted by several studies and experts. High demand and steadily reducing supply levels will once again spark future price growth and keep the Sydney real estate market chugging along nicely for much of 2019 as per reports.
