While declining buyer activity and rising inventory in Sydney may be seen as signs of a weakening market, these conditions can also provide savvy buyers and investors more opportunities to score great deals over the holiday season.
CoreLogic’s Monthly Housing & Economic Chart Pack for November showed that the number of settled sales in Sydney slid by 16.7% over the past year as the Harbour City’s market cooled.
The number of listings on the market, on the other hand, was 18.6% higher than 2017, which implies that there is plenty of stock to choose from for those who would like to maximize the market conditions.
In a report by The Daily Telegraph, Strand Property group director and Sydney buyer’s agent Michael Ossitt said that many vendors are selling for different reasons throughout December and January. Thus, their decision to list their properties for sale is not necessarily connected to the market condition.
“Perhaps they have a new job in another city or there is a new baby on the way — whatever the reason, properties come on the market all the time. The thing is, over the holidays, there is generally a lack of buyers, which means fewer competitors for sound properties,” Ossitt said.
He added that this year will offer the best buying conditions for many years.
“Not only are there more properties on the market to choose from, vendors are discounting by about 7.3% on average to secure a sale. This year, I believe the numbers are better than ever for anyone interested in taking advantage of the soft market conditions in Australia’s largest capital city,” Ossitt said.