For investors looking to buy in Sydney, they’ll need to be prepared to fight hard towards securing a home. The city has run into a critical roadblock – it’s running out of homes for sale.
According to Your Investment Property Magazine, the number of property listings in Sydney is rapidly decreasing and those being listed are being snapped up quickly. For homes under $1 million, there is very limited stock.
The good news for sellers is that sale prices have been incredibly positive.
The latest report from RP Data showed that Sydney’s property listings are 28% lower this year, but buying activity is 30% greater. This clash is creating an increasingly difficult market for investors looking to find a bargain. Since the beginning of the year, property prices have risen by an astounding 7%.
It’s not just the inner suburbs either, with the strong market causing a ripple effect into neighbouring areas. More buyers are turning to the western suburbs of Sydney in the hope of getting a better deal.