Sydney’s residential property market had a surprisingly rapid recovery in the second half of 2019, and in 2020 buyers might find it hard to locate a bargain.
According to Domain, the rebound of the Harbour City’s property market was one of the fastest on record, with median house prices across the city up by nearly $50,000 in the third quarter.
A recent property report from The Agency put it down to the limited supply of housing and the increased demand from buyers.
The report noted that as spring arrived, there were more buyers at all price points, which was encouraged by a favourable lending environment and record-low interest rates.
Although there were bargains to secure in 2019, The Agency thinks it will be harder over the next year.
“It’s a good time to sell, but sellers who are fair with their price expectations will engage more buyers and create even more competition, leading to a potentially higher sales price,” The Agency’s national head of sales and chief auctioneer, Thomas McGlynn, said.
Mr McGlynn has noticed that buyers have sent firm budgets, which has put a natural cap on the market.
As long as stock levels remain low, he believes the price growth we have seen is both promising and sustainable.
As a result, he expects to see a positive start to 2020.