As Sydney’s property market continues to heat up, investors need to be mindful of confusing data, a property expert has warned.
In a recent episode of The Smart Property Investment Show, property guru Steve Waters discussed how investors can navigate the tightest Sydney market “we’ve seen in a very, very long time”.
Using the example of Seven HillsSeven Hills, NSW Seven Hills, QLD, Mr Waters explained the data in Sydney is confusing as Sydney emerges from a slump.
“In terms of house sale, we’ve had a median quarterly growth of negative 2.82 per cent. So, it's gone down a bit there. Median 12-month growth of negative 11.65 per cent , so it’s also gone down a touch. Median three-year growth of negative 2.82 per cent. And a median five-year growth of 25.45 per cent.
“If you were to move on elsewhere throughout any parts of Sydney, you’re going to get that type of data where on the surface it’s quite conflicting. But it’s not until you dig a little deeper, until you really find out some truth behind it,” Mr Waters said.
“In relation to Seven Hills, I’d probably suggest that there are some streets, some types of houses there that even contracted a little bit more than what that data is actually showing. I’d also suggest that the rebound over the last sort of three months has been quite stronger than what the data is showing as well, because remember, it’s just averaging out,” Mr Waters continued.
The property guru believes the current low volumes is creating a “perfect storm” of people wanting to buy property with nobody wanting to sell.
“Not too many people want to sell. And the people that don’t want to sell, don’t want to replace property in a market where it’s hard to buy as well, right? So, this is where we live right now,” host Phil Tarrant said.
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