For many astronomers a total solar eclipse, an event where the moon completely covers the sun, is regarded as the rarest astrological sight to see. The last total eclipse happened in 2012, according to the ANZ data below 2012 was also the year that Sydney last experienced a downturn in property. Coincidence or not?
As in 2012 we have seen a shift in the property market, this one has been driven by the highly scrutinised lending protocol and further affected by the sensationalised media coverage. As a result many buyers are now holding back and trying to align the stars by trying to pick the bottom of the market whilst also finding their perfect property, which is hard enough at the best of times.
So when will we hit the bottom of the market? No one is entirely sure, but what is certain is that there has never been a better time to buy than now. The change over gap for those looking to upsize is smaller than it was 12 months ago and those looking to both enter the market or downsize are now faced with a good opportunities.
Buyers must keep in mind that there is little time left for vendors to list their properties before the end of this year and stock levels should start to taper off as a result. This will mean that those who have not found ‘the perfect one’ will be forced to wait until the new year to resume their search.
As with last year buyer activity is anticipated to come back early. Technology platforms have not only made it easier to search but has also allowed insights into website traffic, with Boxing Day and New Year’s Day consistently receiving more clicks, views and shares than any other days. This increase of traffic is driven by those buyers left over from last year, the expats who are in town for the holidays and also by those sellers who have traded in November/December and are now highly motivated buyers who have to meet a settlement date.
Scientist believe that the next total eclipse is due in 138 years time, unfortunately for the property market crystal balls do not exist and unlike an eclipse there is not a scientist who can predict when Sydney will see prices bottom out. Throughout history many an opportunity, not to mention dollars, have been lost on speculation.
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