As I predicted on Sky News Business in January 2015 that the Sydney property market would 'Adjust' in the last quarter of 2015, and we would see a very different marketplace than previous years.
2016 will bring to light a very different property market with further price adjustments downwards. Auction clearances rates in Sydney have seen a record high of 89% in 2015 and finishing the year at 59%. So if you are a 'Seller' in 2016... Then the first quarter of the year will be the best time to sell and cash up. If you are 'Buyer' in 2016... then the final quarter of the year will be an excellent time to buy, due to the following circumstances... The world economies are rapidly changing, the Australian federal election is due, slowing down of the Chinese economy, and the strong possibility that we will see interest rates increase.
However, the biggest 'game changer' in the Sydney real estate market for 2016 will be the new 'Price Guide Quoting laws' that will be introduced as of the 1st January 2016. The new laws introduced by the NSW Department of Fair Trading will change the real estate industry, and give buyers a much 'clearer picture of the property values' before they attempt to try and buy a property, and the 'DFT' will target the real estate agents who continue to implement 'under quoting tactics'.
2016 will be a 'property roller coaster ride'... it's the 'Property Adjustment we all had to have'.
On behalf of Leonie and I, we would like to take this opportunity to wish everyone a very Merry Christmas and a safe & prosperous 2016, and we would also like to express our sincere thanks for all the overwhelming support of our business 'The Property Expert Advisory Service' and our the response to our highly acclaimed property Book ... 'Secrets of the Property Expert - Your Real Estate Survival guide'.
Now try something fun .... please click on the link below to see your property enjoy a white Christmas:-