We have been watching the Sydney market and we have seen it slow from it's peak in mid 2017, stabilise and then head south losing around 10% of value - with more to come. Some are predicting falls into 2019/20 reaching 20% of value. That is significant.
Speaking of south, what does this mean for the Milton Ulladulla real estate market? While the Sydney market was slowing the local market continued to grow, recording growth of around 17% over that last 12 months with some pockets like Manyana, Fishermans Paradise and Burrill Lake posting even higher figures.
But a chart published yesterday by Cameron Kusher of CoreLogic indicates that is about to change. CoreLogic is a highly reputable data analysis firm relied on by almost every real estate agency in the nation.
Here is Cameron's Twitter post :
It is still too early to predict an accurate picture of our market. Investor loans are being squeezed by banks and credit providers and a higher level of documentation and deposits are being demanded. Make no mistake, credit availability drives property prices.Offsetting this though, we have been discovered. The Milton Ulladulla region and its property market has finally come to be noticed by an increasing number of people. Visitor nights to the region are at an all time high. You've probably noticed that in the shops, cafes and beaches. The Berry by pass and mooted infrastructure works north of here have brought Sydney closer to us.
The coming Spring market - traditionally the most popular time to sell - will tell us more. Sellers will need to get up to date, accurate market appraisals and be guided by the market rather than expectations developed over the last 12 months. Buyers will be a little nervous because, let's face it, no one wants to pay more for a property than it is actually worth.
Coast provides a free, no obligation market valuation service so you can assess what your property is worth and whether it suits you to sell. Give us a call and get ready for Spring!
Until next time
Principal Coast Real Estate Milton Ulladulla