The topic that is top of mind for many buyers at the moment is, what are the Sydney property predictions for 2023?
Chris Clarke from our Sydney UBA team is here to present his beliefs on the upcoming Sydney market.
Chris says, the consecutive rate rises last year had put the market into “a bit of a holding pattern” for the majority of 2022.
“Stock was tight last year and is still tight at the start of 2023, however buyers that were sitting on the fence are now starting to make a move,” he says.
“As a business, we have hundreds of buyers that we’re actively talking to that are going to buy in 2023 and the majority are now focused on buying in the first half of the year, it’s just a case of when not if.”
Chris believes February-March 2023 is a turning point.
“Whilst the media is highlighting that there will be at least two more rate increases in 2023… buyers on the ground are increasing their buying sentiment. With so much uncertainty in 2022, those buyers who wanted to buy succumbed to the fear and failed to pull the trigger. Now, with more certainty and prices down by more than 10% yr on yr – they are looking to strike sooner rather than later.”
“I believe the stock will remain pretty tight and the buyer pool will significantly grow and that will push prices as it did 18 months ago,” Chris says.
Chris believes the current shortage of quality Sydney stock will persist throughout the year.
In Sydney, Chris says first-time property buyers have been active in recent months and their numbers will continue to increase next year.
Chris is seeing a trend where buyers are looking for “turnkey” finished properties. As a result, he says, unrenovated homes represent good buying opportunities for those who are able to wait out the market’s current trade-related challenges.
So, if you are planning to buy this year and waiting for that ‘drop’ to hit, we believe you may be waiting a while.
Just be mindful, if you are intending to hold this new property for the next 5-10 years, it is likely your property will grow in value, provided you purchase the right property at the right price.
Just think, what is it costing you to wait?
If you need, support, guidance and knowledge about your Sydney purchase in 2023, give us a call on 1300 710 957.