The last six months have seen the Ku-ring-gai property market enter a new cycle, where in general, we are experiencing a more balanced market for both buyers and sellers. This is due to a number of both economic and political factors.
Our market is split into two distinctive sectors. The upper end of the market, north of $5 billion, which is extremely solid with a scarcity of stock and plenty of qualified eager buyers, ready to purchase, as soon as a suitable property comes along. A lot of the buyers in this end of the market have made a lot of money in the last few years, thanks to a buoyant property market and a strong economy.
However, the lower end of the market south of $3 million and most notably below $2.5 million, seems to be slowing slightly. The Royal Commission has really cracked down on financial institutions, which has impacted on many practices. Additionally, APRA’s tightened restrictions on investment lending have also impacted this price range, with investors’ ability to get their hands on credit now tougher and more heavily scrutinized than several years ago.
In summary, the current conditions provide an exceptional opportunity for high end owners to capitalize on the strength in the upper sector of the market. They also provide an opportunity for buyers at the lower end of the market to take advantage of changing prices, making it an especially opportune time for downsizers to reap the rewards of the present dynamic. So if you would like to discuss how these changes will effect you and your property, then we invite you to get in touch today.
Have a question about your property? Speak with Ray today.