This year’s holiday period is offering buyers prime conditions to find great deals, according to recent analysis.
Analysis of CoreLogic data by STRAND Property Group showed that while the number of settled sales in Sydney is down by 16.7 per cent over the last year, the number of listings are up 18.6 per cent, which translates to plenty of supply for buyers to choose from.
Although Christmas is typically a slow period, Michael Ossitt, STRAND Property Group director, said if people need to sell properties, they will need to be sold regardless of the time of the year.
“December and January might be advertised as slower months by selling agents in particular, but most vendors need to sell for a variety of reasons that have nothing to do with the current market conditions,” Mr Ossitt said.
“Perhaps they have a new job in another city or there is a new baby on the way – whatever the reason, properties come on the market all the time.
“The thing is, over the holidays, there is generally a lack of buyers, which means fewer competitors for sound properties.”
When the holiday period rolls around and a large portion of Sydneysiders go off on holiday, this allows for investors to find quality properties, Mr Ossett said.
As an example, Mr Ossett said he has found typically found property in Surry Hills during the December to January period, but this year was providing the right buying environment, with better conditions than previous years.and
“Not only are there more properties on the market to choose from, vendors are discounting by about 7.3 per cent on average to secure a sale,” Mr Ossitt said.
“This year, I believe the numbers are better than ever for anyone interested in taking advantage of the soft market conditions in Australia’s largest capital city.”