Don’t let a newspaper headline stop you from buying Sydney property
I had a client ask me the other day whether it was a good time to buy in the Sydney Property Market?
You would have to have your head well beneath the sand not to know that economists, newspapers and publications are talking about the cooling of the Sydney property market. Auction clearance rates were quite steady last year however buyer numbers were down.
Primarily when looking at property Flint Property like to look at it with a 5 year minimum hold strategy, of course there are other strategies out there but this is one that upholds in any market – if you have bought the property well.
The famous investor Warren Buffet said that be greedy when others are fearful and fearful when others are greedy. When it comes to buying property this approach can reap some great rewards. So when you see a market that starts to cool is also a great time to buy property.
Sydney prices eased 0.9 per cent in January and are set to be stable throughout the course of 2018. Lets have a look at the last 7 years in headlines though to see what the flavour was for each year.
Record slump in house prices in 2011 – The Sydney Morning Herald
2012 property year in review –many ups and downs – Domain
Australian capital city house prices rise 10% in 2013 – The Sydney …
Sydney house price growth halves in 2014 – Domain
Sydney property predictions for 2015: boom times continue – Domain
Home prices in capital cities surge nearly 11pc in 2016 – ABC News
Sydney home prices fall for the first time in 17 months – ABC News …
Australian house prices look set to fall in 2018 | Business Insider
During the last 7 years I have bought throughout these markets for my clients and bought well. Buying good property in Sydney is about the property selection and working out where the uplift can be so you can create uplift against the markets usual ups and downs.
To give you an example we bought a property in 2016 for a great client of ours in Potts Point when the market was surging and very hot. I managed to buy it for $2.3 million before the auction which proved to be a good buy. Shortly after one very similar sold for $2.4 million so it confirmed that I had bought well. My client who is renovating his family home had a huge shock when he realised how much the costs were so he came back to me and asked me to do a Sales Advisory for the sale of his Potts Point property. I ended up advising him and it was sold within 7 days off market for $2,550,000 – a 10% gain when the statistics were saying the market was flat and had come off by 10%.
So the moral to the story is when buying property understand pricing, have a clear negotiation strategy and choose property that will sell well in any market!
If you would like further property advice please call Brooke Flint from Flint Property on: 0425 221 226 or email me: firstname.lastname@example.org