Property buyers in Sydney are being encouraged to act fast before competition pushes up prices in 2020.
A Sydney-based buyer’s agent believes those who are in the market for a new property should get in by Christmas to secure a reasonable price.
“While we saw October listing numbers down between 30 and 45 per cent across suburbs such as Balmain, Drummoyne, Erskineville, Glebe and , the fact is that anyone who has overconfidently listed at an unrealistic price and not yet sold will see buyer numbers dry up in December and January,” Buyer’s Domain director Nick Viner said.
“This includes owners who absolutely need to sell by New Year for family or work reasons.”
Those who need to resettle in the new year will be getting eager to find a buyer to reach their deadline, which could put Christmas buyers in a prime position as demand sinks around the festive season, he said.
“It happens every year. Buyers become distracted by celebrations, organising get-togethers and attending work functions, and they decide to wind back from house hunting.
“The feeling is, ‘If we haven’t bought by December, it’s not meant to be this year. We’ll come back and have a look in the New Year.’”
If buyers do not act fast, Mr Viner believes the Sydney property market could see growth of 10 to 14 per cent next year.
He expects the market pick-up to start in late February or early March, which will see bargain properties dry up.
“Smart, opportunistic buyers are already gearing up to secure their home in the coming weeks. The best properties will be long gone by the time March rolls around.”