The Australian recently interviewed Cohen Handler Senior Buyer’s Agent Thomas Alpe about the state of the market in Sydney.
Thomas warned buyers to act fast if they’re thinking of buying soon, especially in the premium market for properties priced over $10m.
Thomas commented, “I’d be looking to buy before the first interest rate reduction, because I would be concerned that will bring more buyers back into the market and create more urgency.”
Real estate experts from around the country, as well as the Real Estate Buyer’s Agent Association, added that increased buyer competition is motivating more people to seek help from buyer’s agents.
There are more people entering the market who are competing over less homes due to constrained supply of new dwellings combined with increased migration levels.
As a result people across the country are increasingly frustrated from missing out on their ideal property or dream home.
Predictions are that the mid $5m – $10m market may plateau, but may perform consistently, although suburbs with low supply will outperform those with more stock.
The most, and the best, buying opportunities before any rate cut will likely be in the $500,000-$1.5m market.
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