#1 The Market Is Down.
Actually, it’s not as down as some of the recent area results would suggest, with cases of jumpy agents pushing vendors into agreeing to a quick sale for fear of the unknown. It’s for this reason there’s a savvy buyers market. This is the prime time for great deals to be done. In just a few years, people are going to look back at the start of 2018 and laugh over the barbeque with their mates about how they managed to land such a great deal during a perceived “lull” in the market.
#2 There is a shortage of land in Sydney.
This is a factor that isn’t changing in the foreseeable future. Land is always going to be in demand- demand that far outweighs supply. Here in the Forest area, large blocks 700 – 900m2 in size aren’t uncommon, yet in other parts of Sydney these are more scarce- and fetch an according price. On that note…
Let’s compare what you’d expect to pay for properties of a similar size in other areas that are a similar distance (approx. 12 km) from the CBD to where we’re located. Take into account:
– Lifestyle features
– Transport links
– Infrastructure and, of course, the area itself.
In Concord West, for instance? The current median house price $2,048,278. Or what about Denistone East? Median house price is $1,823,217. Brighton-Le-Sands? Median House Price $1,645,388. By comparison, Frenchs Forest has a Median house price of $1,626,839. Taking everything into account, I know where I’d rather live!
#4 Money is cheap.
Interest rates remain low. In fact, in November 2017, the Reserve Bank Governor confirmed that Australia’s official interest rate will remain near historical lows for years, with inflation unlikely to hit 2% until the end of 2019 at least. The “bad old days” of the late 1980’s are ancient history indeed!
#5 Vendors are accepting offers, seemingly without testing the market.