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Market Update

I think everybody is sick of the doom and gloom and has suddenly decided to get on with their lives which is definitely reflecting in numbers turning up at open inspections. Our sales have been incredible the last 3 months with 23 sales in Bondi Junction and Bondi alone.

With interest rates at all time lows and banks being extremely competitive to win the business, I think we will see a lot of renters come out of the rental market into the property market to buy in 2012. The landlord has been king for a long time and my tip is that while interest rates are low and property prices are subdued. I think we will see a good influx of buyers in the $350,000 to $1 million range start to enter the market in 2012. As the lower end starts to recover and more people come out of the rental market and buy, that’s when capital growth starts and rents ease. I think the upper end will still struggle this year but up to $3 million in houses should be pretty strong, above that no change from last year unless the stock market really shows signs of taking off.

Overall I don’t think there has been a better time to upgrade or get off that rental treadmill, as it is always hard and dangerous to try and pick the bottom of the property cycle but under these present circumstances I do think we are there now…