Market Update 2023 2 Sean St. Clair Principal 8964 8880 | 0410 506 661 sean@holmesstclair.com Robert Holmes Director 8964 8880 | 0400 323 828 robert@holmesstclair.com Dire tor Market update 2023 is well and truly underway. So where to from here in Sydney's multi trillion dollar residential housing market? Discussion continues to circulate around local home values and what impact future interest rate movement will have on Sydney's property market. Inflation continues to be a key driver in these rate increases with a host of other factors playing a role. The war in eastern Europe, the post pandemic recovery, the federal election and change of government, the lady down the road who put her house up for sale but it didn't find a buyer, or the property up the road where the agent gloats a building record... and so the list goes on! What we can take away from all this, is that yes, there is market vulnerability out there, and this is likely to hang around for the duration of 2023 as the market finds its feet. However, in the same breath, we feel that the market is moving forward and we can see this from the housing stock levels clearing out and finding buyers. Today, on the Lower North Shore, there are few repeat or expired listings entering the market, where this is showing us that the vendors expectations and prospective buyers offers are aligning and transactions are occurring. To us as real estate agents, this is a sign that good buying new property cycle is around the corner. Of course, many people will continue to sit on the sidelines and spectate or try to precisely time the best time to buy in, but as we saw the market drop quickly, expect the rebound to be just as fast on the other side, so don't leave your run too late! All it takes is a few weeks of strong sales across housing markets and media commentary will put a positive spin on this, where we will see buyers move in and drive the market back up. So we pose the question, does it really matter if the market drops another 1,2 or 3% in the short term? as the capital growth over the life of ownership has proven to far outweigh any short term correction. In terms of new opportunities we have coming to the market, we have some amazing properties that will hit the market with our agency early in the year - 3 bedroom apartments in Waverton, Townhouses in Wollstonecraft, Investment and first home buyer opportunities in Mosman, Bondi Junction and Wollstonecraft to name a few. Keep an eye out on our website, and we look forward to meeting you at our open homes and auctions shortly! Contact Us As always, our team is available and very happy to provide advice with any selling, purchasing and rental requirements you may have. Feel welcome to reach out if we can be of assistance. Our offices are conveniently located at 38 Willoughby Road, Crows Nest. We look forward to hearing from you.
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