With so much talk about the property market in 2016, all eyes are on 2017 and what it will bring.
Sales Manager at PRD Nationwide Penrith, Daniel Latty, spoke with the Weekender about the upcoming housing season, when it’s best to put your house up for sale and what first home buyers might expect.
2016 saw first home buyers being outbid, interest rates reach an extreme low of 1.5 per cent and competition for the best home grow enormously.
Mr Latty said it’s all about supply and demand.
“The 2016 buying market lasted a lot longer than we have seen in recent years, even up until the Saturday that just went,” he said.
“We won’t have a really good gauge on how the market will be next year until after the first few weeks of January – typically the week after Australia Day.”
Mr Latty added that it depends how much stock comes on the market at the start of the year as to how many buyers will be bidding on each home.
“There were less houses available in Penrith this year so it’s hard to know whether buyers we met this year will continue searching next year,” he said.
“The competition we had on homes was stronger this year and we haven’t seen prices drop off like some predicted they would have.
“In saying that, our office already has some houses, apartments and townhouses in the area ready to come on to the market next year and if other agents have the same thing then there will probably be a good supply for buyers.”
With his final predictions on 2017, Mr Latty said first home buyers might get into the market but investors could still play a part.
“With the interest rate so low it’s a great climate for first home buyers but they’re just having to spend that tiny bit more than other home buyers would have previously,” he said.
“There is a big percentage of people we are seeing that are investors, mostly from out of area, to the point where around 80 per cent of inquiries on a property are from investors.
“Who knows if that will continue but they have identified Penrith as a huge investment opportunity.”