Sharing some property market highlights with you…..
At the end of last year, Sydney recorded the highest number of new homes on the market since 2015 (CoreLogic).
Despite January being traditionally a quiet period for real estate, Sydney recorded a 10.5% increase in new listings across almost every pocket. Ryde led the way with a 46% increase; followed by the northern beaches with 45.6%; and then Blacktown with 34%.
In addition to listings, home sales across Australia increased by 15.1% as compared to January last year and 39.4% above the previous five-year average.
The seasonally unexpected increase in January can be mostly attributed to properties that didn’t sell late last year – most of them came off the market and were re-launched mid-January.
The good news for buyers who previously missed out, is that sellers coming back to the table will have more realistic price expectations, as well as competing with increased stock levels. These favourable conditions and greater choice, will help soften the urgency for paying top dollar on properties.
Where does that leave first home buyers?
First home buyers will have some reprieve and find the path to home ownership easier in 2022 with the softening housing market. They may have to look to outer city suburbs and regional areas to get their piece of the property market.
The Hills District has been set to be a sought after area with hundreds of units about to be released into the market after years of planning and construction around new metro stations.
FOMO will be ambient!
Buyers shouldn’t be lulled into a false sense of security though, as quality properties will sell fast and they can still expect property values in sought after lifestyle areas to continue to increase in 2022, albeit at a slower rate.
The good news is that the continuous increase in property listings will give home buyers more choice and remove the pressure into making snap purchasing decisions.
This is especially beneficial for buyers who found it challenging to enter the market last year because of the tight competition and unfavourable market conditions.
It might be the perfect time to look around for your next property purchase while the conditions are good!