Sydney’s property market is likely to boom this spring, as a surplus of properties give first-time buyers the opportunity to purchase their dream house. Spring is always the peak season for Sydney – this year in particular, more properties and less buyers make for ideal conditions.
It is a decrease in performance in recent years that has created this environment of opportunity.
The spring season in 2016 had an average clearance rate of 78 percent – with an average of 4.7 bidders for each property. This figure fell last spring to 60 percent and 2.9 bidders, and it further dropped in winter to 50 percent and 2.4 bidders.
“There’s actually never been a better chance of securing your dream home at the right price,” said Damien Cooley from Cooley Auctions. “Owner’s expectations are actually reducing.”
As such, potential buyers will find more opportunities and less competition – though not every suburb has adhered to this trend.
While most of Sydney saw downturn, last year, suburbs such as East Kurrajong, Oxley Park and Glenorie saw median house price increase by 28.6 percent. Clustered in Sydney’s west, prices in Werombi, Mulgoa, and Luddenham also rose by 37.4 percent. The greatest increase seen was that of Wallacia, whose median surged 38.2%, from $687,500 to $950,000.
While first-home buyers are not likely to find their first purchase in these areas, most of Sydney will see reduced buyer expectations and a surplus of opportunities – facilitating this predicted boom.