While the decline in buyer activity and rising inventories in Sydney may be seen as signs of weakening the market, these conditions may also provide savvy buyers and investors with more opportunities. Opportunities to close bargains during the holiday season.
CoreLogic's monthly housing and economic releases for November show that the number of sales settled in Sydney was down 16.7% from last year due to the slowdown in Harbor's market City.
The number of listings in the market, by contrast, was 18.6% higher than in 2017, which means that there are many choices among those for whom wants to optimize the conditions of the market.
In a Daily Telegraph report, Strand Property Group Director and Sydney Buyer Agent Michael Ossitt said many vendors sell for various reasons throughout the months of December and January. Thus, their decision to list their properties for sale is not necessarily related to the market condition.
"They may have a new job in another city or a newborn is on the way – whatever the reason, properties are constantly coming to the market. The problem is that during the holidays, there is usually a lack of buyers, which means fewer competitors for healthy properties, "said Ossitt.
He added that this year will offer the best buying conditions for many years.
"In addition to the choice of properties on the market, sellers discount their prices by around 7.3% on average to guarantee a sale. This year, I think the numbers are better than ever for anyone wanting to take advantage of the distressed market conditions of Australia's largest capital, Ossitt said.
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