A recent UTS study has revealed that weather plays an integral part in auction day results.
A sunny or hot day can result in paying thousands more on auction day, as opposed to a dreary or rainy day. Surprisingly weather does appear to have an effect on people and the price they’re willing to pay.
Read more: How weather, planes and school zones directly impact property prices
Sydney property has seen significant improvement after two interest rate cuts, tax cuts, reduced uncertainty around housing, more positive media and easing in the overly tight lending guidelines.
Buyer competition is revving up, as home buyers are borrowing money and looking for property to purchase, although sellers are yet to catch up with this momentum, returning to the market at a slower rate and creating somewhat of a demand gap.
Read more: Sydney Buyers Agents Noticing the Market has Turned a Corner?
Market analysists predicated in late 2018 that Sydney property would drop by 30% - 40%, early 2019 saw the market flatten from price drops of approximately 10% in 2018.
Since the federal election we have seen confidence return to the market.
A combination of maintaining capital gains tax discount and negative gearing, along with RBA rate cuts and some relaxation in lending standards by APRA has resulted in a positive result in the market.
The property boom of recent years and the continued popularity of renovation shows like The Block, fuel the dream to buy property for renovating, and selling at a profit.
Investment purchases such as this can be prosperous when property prices are surging, but often, we at Search Find Invest, are asked, “Is this still a viable option in today’s market?” And the answer is, it can be.
Read more: Are renovation opportunities still viable in Sydney?
Address: 3 Eulalie Ave, Randwick NSW, Sydney,2031
Telephone: 1300 132 970
E-mail: [email protected]
