You’re probably wondering what’s the right thing to do at present. Should you buy, should you sell, or should you just wait a little longer? With interest rates now the highest they’ve been since 2016, there is no doubt many of us are feeling the impact. These rate increases have definitely curtailed buyers’ enthusiasm and borrowing capacities, which resulted in the current downtrend in our property market. This downtrend also happened during a slower time in the year as our property market felt the winter chills and with people entering a period of travel “no-matter what”, travel plans had been left largely unchanged despite macroeconomic headwinds of rising inflation. At a national level, this means that properties are taking slightly longer to sell than they were during the property boom of last year. However, properties are still reaching expectations, we simply aren’t seeing the competition drive prices above expectations as had been the case the past couple of years. In the meantime, we’re seeing conversation shift to the rental market as vacancy rates plummet and rental prices begin to climb across Sydney and the Central Coast. The demand for homes has been driven by multiple factors, including a high returning number of people migrating back to Australia from overseas countries and capital cities becoming increasingly attractive for renters to move to. This means that investors are now flooding back to the market due to high rental yields across Sydney and the Central Coast. On a positive note, it’s likely that the interest rate hiking cycle may be “short and sharp”, with financial markets and many economic WHAT’S HAPPENING IN OUR MARKET?
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