Couples who are looking to move into larger family homes have fuelled a demand over the limited homes available in the Sydney property market.
Agents are reporting a strong push from families looking at new homes as the market heads towards a new upswing, Domain reported. Nick Rigas of The Agency said that couples are seeing “something they like” and then jumping on it before it’s too late.
He added the downturn saw many home owners sit on their hands, which resulted in a shortage of new stock, but it was seen as an opportunity for some.
He said: “While taking a small loss on their property [compared to what they could have made], they were buying something that was out of reach two or three years ago.”
While upsizers could get “better value for money in a downturn”, the issue is that good properties are becoming harder to come by, said buyer’s agent Brooke Flint of Flint Property: “I don’t think people have necessarily missed the market. I’m seeing quality property being flushed out from the downsizers and seeing a lot of deceased estates.
“The people that have been holding off are now selling.”
Glenn Curran of McGrath Lindfield said he has seen a strong demand from upgraders, many who would spend more to avoid missing out on a new home: “We are seeing a strong push from local buyers looking to upgrade.
“There are several families from the Lower North Shore, in particular Mosman, that have been looking to relocate in anticipation of the start of the 2020 school year.”
Ms Flint urged upgraders to work out what they wanted before they looked to spend. She said being open to a wide range of locations and buying and selling in the same marketplace is key, as well as looking into recent price movements.
Emma Ryan is the deputy head of editorial at Momentum Media.
Emma has worked for Momentum Media since 2015, and has since been responsible for breaking some of the biggest stories in corporate Australia, including across the legal, mortgages, real estate and wealth industries. In addition, Emma has launched several additional sub-brands and events, driven by a passion to deliver quality and timely content to audiences through multiple platforms.
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