This is the million-dollar question and no wonder when you consider that over 16,000 articles relating to real estate were published between October 2020 and September 2021. The media is cherry-picking negative data to push their agenda.
Here are my thoughts.
If you are thinking of buying or selling real estate, you will be overloaded with mixed information, negative media reporting about increasing inflation and interest rates, rising fuel prices and the war in Ukraine.
The desire to own or rent a property will not change as people need a place to leave, and the shortage of homes on the market will underpin any major shift in property values.
Current auction clearance rates are 55% to 60% meaning roughly every second property sells. People are transacting within the same market conditions.
Reverse growth for units in Bondi, Bondi Junction and Randwick
The number of days on the market is a major factor in establishing the price a buyer is willing to pay. Where a suburb has a large number of units listed for sale, it will take longer to sell your property
Bondi
2021 – 939 units sold
2022 – 200 units sold
Bondi Junction
2021 – 200 units sold
2022 – 70 units sold
Randwick
2021 – 560 units sold
2022 – 219 units sold
Rather than a major downturn, I see the current market as an opportunity to transact and move on, encouraging borderline sellers to engage in the selling process today and be cashed up and ready to buy.
Now is the time to take action.
