NSW Tipping point in Sydney ??

Had something happen today which we haven't had for a long time .

Had a " cold call " from an agent who we saw at an open house when we were looking to buy in LATE 2013 .... asking us if we were still looking to buy .

According to him the market has cooled slightly in the last month and over last two months not as many overseas buyers .

He said there is a perception in the market it has reached its top . They are getting an increased number of enquiries from people looking to sell and he thinks there will be an increased number of properties on the market in the next 6-8 weeks .

This is Sydney , UNS .

Cliff

 

I was getting those calls and those comments from agents last year too.. Nek minnit 15% rise. haha what area was the agent that called you from? The west is going nuts.. I'm seeing houses that i'd expect go for 380k go for high 400s

 

Fingers crossed it can hold on until November
We have a house to sell in Leichhardt in November as the current tenants lease doesn't end until then!

 

Yep. I remember the same around the end of last year, agents were saying the market was cooling and it then went into overdrive in Jan. I still reckon we'll have a strong run the rest of this year and a solid 2016.

 

Why do you have to wait for the tenants lease to end?

 

It could be just in a particular area. We went to a first open house for an auction. there were like ~40 people. And there are 2 potential buyer wanting to put an offer in the first open house.
Demand is still strong some part of Sydney

 

We're not seeing any slowdown yet however eventually it will happen (just like Pantene )
My personal forecast is for 10-15% further cg in this cycle, across most medians and affordable ranges (in Sydney this would equate to sub $1m) but there are always exceptions to the rule naturally.... OTP in places of over-supply, rezoning/new planning impacts etc.

 

What price bracket was this in? $1.5M+?

 

Which suburbs was this you mentioned ?

 

Mandurah

 

Are they suppose to ring a bell at the top of the market ?

No calls to Tonibell at this stage - so all good to continue.

 

Beverly hills

 

Does anyone have stats on which months are usually sluggish for overseas buyer activity in the Sydney market?

Does northern hemisphere summer affect buying activity here?

 

I hope he's right about listing numbers increasing, which are down approx 20% on this time last year and last year was 20% down on the year before

We still have plenty of buyers wanting to buy but a real lack of quality stock to choose from.

 

Plenty of buyers wanting stock, lack of stock around. High demand + low supply = continued Sydney top cycle acceleration. Clearance rates did drop to 80% on SSaturday though. Something in that? Or were Sydneysiders just afraid of the chill? (Even thoigh Saturday was about as pleasant as Sydney gets in the winter!)

 

Watch what happens when everyone decides to list in spring......better they list now...

 

When the fat lady sings.

 

Indeed.

 

Haven't they tipped that interest rates will drop again in November/December this year? Won't that spur more buyers into the market as banks (provided APRA doesn't tighten the noose any further) will lend more?

 

based on serviceability that is.