The top end of Sydney’s property market may have had a patchy run of late but there are still good buying opportunities, according to one industry figure.
Rich Harvey, CEO of buyer’s agent Property Buyer, said turnover in Sydney’s prestige markets had been lackluster but conditions are likely to improve as consumer confidence lifts.
“There is still an air of cautiousness amongst buyers since the effects of the GFC. The pressure to make decisions because of competitive buying has dissipated. Prestige buyers are taking their time, looking at all options and then negotiating hard to secure a good price,” he said.
“The market is likely to see some further discounting to find a natural equilibrium, but vendors selling and buying in the same market conditions will achieve the same net result – but without competitive bidding in a boom market.”
Mr Harvey said the current conditions augured well for buyers.
“In the luxury market there’s only a limited supply, and right now there are some great opportunities for cherry-picking.”
According to Mr Harvey, the uniqueness of some of Sydney’s prestige markets will always underpin values.
“In Sydney, there is a limited supply of absolute waterfront and beach front properties, which means unique property retains its value for generations to come.”