Time for perspective on house prices | The Real Estate Wrap with Leanne Pilkington
Welcome to this week’s Real Estate Wrap with Leanne Pilkington. In our final weekly wrap for the year, we provide some perspective on house prices. If you’re buying or selling property in 2019, do your homework thoroughly, crunch your numbers carefully, and choose your agent wisely. And above all – good luck! Seasons greetings from the Laing+Simmons family.
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Hi, it’s Leanne Pilkington here, Managing Director of the Laing+Simmons group and President of the REINSW for our final Real Estate Wrap for 2018. I cannot even believe Christmas is next week.
Anyway, with all the media that we’ve been seeing and the hysterics around house prices, I thought it was important to get a little bit of perspective on it. In the end of 2006, the median house price in Sydney was just a shade below 530,000. By December 2017, that was up to nearly $1.2 million, more than double.
Sure, we’ve come back, in some cases, 10 percent since then and there might be a little bit more to come. But nowhere near what we’ve gained over that period. So it’s important to have that perspective.
One of Domain’s economists came out during the week, talking about how he expects house prices to start to increase again after the election in 2019. Others are saying it’ll be 2020. Whatever the case, the end is in sight.
So for buyers that are looking at capitalising on a falling market, they want to hit the bottom, the low point of the market, I would definitely be buying before May and our federal election.
And for the vendors that want to upsize and make the most of the opportunity to have a smaller gap between what you’re selling and what you’re buying, same is true. Do it before May.
Anyway, click here to get more information on our very last Real Estate Wrap for 2018, and I hope you all have a wonderful Christmas and an incredible New Year. Thanks.