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Is it a good time to buy Sydney?
Marty McDonald
For many first home buyers the answer appears to be a resounding yes. BIS Oxford Economics for the Australian Housing Outlook 2018–2021 report states that lending to FHB’s picked up by a whopping 74 per cent in the 12 months to June 2018 in Sydney and a more modest but still impressive 24% nationwide. Read the full report here.
QBE Australian Housing Report 2018-2021
It has been well documented that many property investors have been forced to sit out of the market due to increased regulation over the last few years. This along with government incentives for first home buyers and a softening market over the last 12 months has led to a significant increase in buying and borrowing activity by first home buyers after many years of below average activity.
So back to the question is it a good time to buy in Sydney? Like any market it’s hard to pick a bottom (or a top) and no one likes buying an asset that is falling in value but if you are looking to buy your first home in Sydney at below the median price or you’re looking to upgrade from a unit to free standing house I honestly think it’s a good time to do so. If you are looking at upgrading houses I would want to be selling first and or waiting for more stock which anecdotally seems to be thin on the ground.
About the Author: Marty McDonald is principal of mortgage broker “Mortgage
Experts”. Marty specialises in assisting active property investors with loan structuring advice and
implementation as well as helping credit worthy borrowers with slightly outside the box income and employment
situations. Find Marty on
Facebook and
LinkedIn.
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