You may have heard the old saying, 'When is the best time to buy property?'; answer:  '30 years ago!'.  'And the next best time?... Right now!' 

After the soaring prices of Australia's property market in 2021, you may be kicking yourself that you didn't buy your dream home, your investment property, your beach getaway, etc., in 2019 or 2020... or 1990.  I'm here to reassure you that there's no need to feel like you've missed out.  It is true that the last 12 months saw record property price increases across the country, but there are still good buys to be had.  As I've said before, being prepared is the key to a buyer's success.  Months of lockdown last year meant that many buyers couldn't attend open inspections, which saw prices driven up by a mentality of 'panic buying': the idea that 'if I don't get this one, I'll miss out altogether'.   Indeed, TILLEY PROPERTY had several clients who bought sight unseen, but by no means were they panic buys.  TILLEY PROPERTY's research, market comparisons and presale negotiations  meant that their purchases were educated, astute and in some cases, below the asking price during 2021.  These new homeowners are already benefitting from the capital growth afforded them by buying at the right price. 

The market this year?

The big banks are all predicting a slow down in price growth, anywhere from 3-10% across the country.  And of course, given that there are over 15 000 suburbs Australia-wide, these growth figures are by no means evenly spread. 

In my view, those suburbs that are consistently in demand will continue rise; not at the breakneck speed of 2021, of course, but the increases will continue.  The rate at which people are opting for a tree- or sea-change continues to impact the regional markets also.  Regional areas where prices were relatively stable or with average growth have lifted significantly over the last 12-18 months.  One of the most publicised areas of growth is the Byron Bay region, where median house prices rose over 27% during 2021.  However, the Newcastle-Hunter region, an area where many of my clients purchased last year, saw an even greater increase than Byron; over 32% for median dwelling prices.  My experience buying in the region over the course of the year reinforces this. 

Late 2020/early 2021, supply was plentiful, selling agents were opting for standard sales campaigns and time on market in the Hunter region averaged a bit less than two months, giving a buyer time to inspect, consider, compare, etc.  As the year went on, I found it necessary to call on selling agents for pre-sales, off-markets and soon-to-be-listed properties.  Sales agents could scarcely keep up with enquiries from potential buyers, and I had clients who came to me simply because their enquiries to selling agents were going unanswered.  Sure, I still found homes, but I had to work harder to secure them for my clients.  Again, preparedness and speed were key as there was much more competition, and being able to offer vendors those little 'extras' that I have written about previously meant that our offers were accepted. 

For the year ahead?  Well, of course it's very early days, but at my first day of open inspections last Saturday, I am optimistic that 2022 will be a terrific year to buy your first home or investment property, your long-desired beach house, your forever home or your weekend getaway.  One of the sales agents I was speaking with at Saturday's inspections had over a dozen open homes that day, a great sign that stock, at this stage, is plentiful and ongoing.  A lifting of lockdowns hopefully means that buyers can get out and see the homes they're interested in.  This alone may help to steady the price surge as buyers are better able to find a property to fit their needs.

To summarise, in my view I feel that the market may start to level off.  The booming sellers' market we saw in 2021 may start to slow down and as a result, give buyers a bit more of an opportunity to get their foot in the door.  In the space where we at TILLEY PROPERTY buy, that is predominantly Sydney's North Shore, Northern Beaches, and Central Coast, I don't see house prices coming off across the board, but I feel it will be a more balanced market. 

If you'd like more information, contact TILLEY PROPERTY for a complimentary chat.  NOW, is a great time to get started, or continue, your real estate journey.