One Sydney property expert is predicting a bumpy year for property investors, BDMs and property managers, but he warns not to get too caught up in the popular “doom and gloom” narrative currently doing the rounds.
Here are principal of Boutique Property Agents Tolga Ozer’s three predictions for Sydney in 2019:
1. New lending
The market softening is probably going to continue, Mr Ozer said.
“However, consumers will need to become accustomed to the new lending methods, then things should start to level out,” the principal said.
Mr Ozer called this “the new norm” in real estate.
2. Quicker approval
Mr Ozer said that the main issue around property prices is people haven’t been able to borrow as much money as they used to — and it’s been a slow process.
“But in 2019, loans should be approved in a faster manner. Consequently, sales should start to go back to where they were, in due time, of course.”
3. High volume of transactions
Property prices might not be at an all-time high right now, according to Mr Ozer, but property transactions will remain high through 2019.
“In 2018, we transacted the same number of properties as 2017, and 2019 will be no different.
“Everyone needs to remember that properties are still selling. Transacting the same number of properties is not an issue. Housing prices boomed, so now we go through the motions of the normal cycle the property market goes through. This drop in the market isn’t something new.”