Last year saw real estate prices increase 10-15% in the Sutherland Shire after several tough years but this year the rapid increase in sale prices across Sydney has been so dramatic that I would estimate the price increase is already 10-15% for the 5 months of 2014, especially in the Sutherland Shire. I do not think we have experienced this sort of price growth spurt since July 2003, when every house sold achieved a new record and properties for sale were in such short supply that people tended to buy first, then sell to avoid being without a home to go to.
It’s back to the days when pest and building inspectors are booked solid, most properties are being marketed as Auction, serious buyers need to attend the first open house if they want to secure the property and every TV channel has a show about renovating and selling!
Will this continue? Should we wait? Is this a bubble? These are the questions buyers keep asking me and I honestly don’t know. What I do know is that Sydneysiders are obsessed with real estate again, interest rates are low and there is a feeling of confidence again in the property sector. If only I had a crystal ball.