forecasters now factoring in inflation peaking at the end of this year and interest rates dropping in the second half of next year. Early signs the market is approaching the bottom as auction clearance rates have risen despite more properties being offered for sale. With the auction clearance rate at 62%, quality properties and unique offerings are still attracting really strong interest as well as the upper end market, i.e. luxury homes. So for those who’ve bought recently and who are worried about the value of their property long term, we certainly wouldn’t be. The Central Coast is poised to play a vital role in the growth of Greater Sydney over the next decade. The past 18 months has well and truly put the Central Coast on the map, highlighting its importance as a region, and subsequently putting it right in the crosshairs of government spending. We’ve all heard it so often we will believe it when we see it, but a university campus for Gosford CBD and the possibility of fast rail between Wyong and Sydney are finally seeming like a genuine possibility. The Coast has become more desirable than ever, and suburbs within a commutable distance to Sydney, especially those near the train and M1, will be insulated from broader price falls. What does that mean for you as a seller? It means that even if you sell for a little less than you would have 12 months ago, if you’re moving elsewhere, it’s likely you’ll pick up a bigger discount when you buy your next home. And if you’re staying local? Well value is all relative when you buy and sell in the same marketplace. Those looking to buy and thinking they might hold off? We strongly believe you can buy with confidence and that 10 years on with all the development and growth taking place in the region that today’s prices will seem like an absolute steal. What will matter more is the time you spend enjoying the lifestyle that made you want a home in that area to begin with! With record low unemployment, a big push for skilled immigration and population growth, and a construction and materials crisis underpinning the value of existing dwellings, we’d be willing to bet that those who go against the crowd and make property moves now will be significantly rewarded in the years to come… The next big test for the housing market will be in the upcoming Spring selling season in the coming months. It will be interesting to see how the property market responds. So far we are seeing good signs with increased volumes of quality homes and plenty of interest from genuine buyers, resulting in good prices still being achieved. Andrew Macdonald Principal, Ray White Macdonald Partners Point Clare
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