2019 Market Wrap & Predictions For 2020
As 2019 drew to a close, it marked the end of the decade as well as an unpredictable year in residential property. The first two calendar quarters saw price drops, seasonally lower auction clearance rates and disappointing buyer sentiment.
Doomsday headlines in the media hyperbolized predictions of a property crash similar to the lights of 2009, however, key analysts astutely and correctly warned of the dangers of newsworthy headlines that would sensationalize the reality of the residential property landscape in Australia (particularly in light of an impending federal election).
Yet, as we predicted, the result of the federal election and three rate cuts from the RBA in 2019 marked a radical transformation and lift within the property market. The doom and gloom were over and we saw welcomed growth across the nation. Sydney house prices grew by 2.7% over the month to 30 November continuing a five-month recovery trend and finishing the quarter strongly at an increase of 6.2%. (CoreLogic's Hedonic Home Value Index)
With 2020 in full swing, the biggest question on everyone’s mind is whether now is the time to buy? With Corelogic predicting a 10% market move this year, the positive predictions for the residential property market are unparalleled. Growth in Sydney is expected to be underpinned by lower interest rates, stronger population growth, and ongoing low unemployment.
With these predictions in mind, 2020 is the ideal time to purchase. Engaging with a buyers agent can help ascertain true value now the market has corrected, maximize savings, allow access to silent listings and ultimately save you time. If we consider that it takes someone 6-12 months to buy, with this 10% growth prediction in residential markets, the movement in any residential sale price outstrips the fee for a buyer’s agent to close in 4-8 weeks on average.
Now is the perfect time to review your strategy with a buyers agent to ensure that you capitalize on these favorable market conditions. Please contact me directly on 0449 934 631 or Henry@pivotpb.com.au for a confidential discussion about how we can help bring your property search to a successful close.