No. 1 Rocky Road
Updated: Jun 27, 2020
Best not try to Google-map this address or look it up on Domain or Realestate. It’s just around the corner though!
It seems there is more turbulence in the world at the moment than any time in the last decade. A full blown trade war between China and the US, Brexit just a few short weeks away, climate events, Iran and North Korea bubbling away and the world's economic gurus telling us that another GFC is possible any day now! The newspapers tell us share markets are tumbling, gold is soaring and interest rates remain at all time lows!
SO .. where does that leave the property market, particularly in Sydney? As I see it today ... Cautiously and Selectively Attractive!
In times of uncertainty smart money experiences a ‘Flight to Quality’ (thus the surge in gold). After 18-24 months of falling property prices the market has seen a definite upswing in interest since the federal election. Open house inspections are busier, auction clearance rates are above 70% again and agents are all reporting an increase in genuine enquiry. On top of that, the rental vacancy rate is showing signs of recovery in inner Sydney (excluding the Waterloo area).
On the down side though, in the last year Sydney has seen two widely reported property disaster stories (Opal & Mascot Towers). The second of these is approximately ten years old and it has forced me to review my long held view that buying apartments less than ten years old can be fraught. I might make that ... fifteen years from now on?!
Our mantra at Sydney Search is:
There’s always value in great property. Find it. Buy it. Love it!
The key word here is “Great” and I believe this has never been more relevant than it is today.