The residential property market is a bit like the weather. To paraphrase Dorothea Mackellar, we can experience droughts and flooding rains in market demand and supply but equally, just like the weather, the residential market can be unpredictable and variable so it is important to be ready and be warned.
I’m pretty sure that people across Sydney check the status of residential property reports as often as they do the weather. It’s natural to wonder if there are clouds of market doom on the horizon or if you can plan for the weekend to deliver sunshine and record-breaking sales.
But as residents will know there can be torrential rain in one suburb of Sydney while it’s dry and sunny in another. And the same can be said for the residential property market.
You might read reports forecasting that market sentiment is easing but that’s a bit like saying we’re in for a wet Summer. It is a worthy guide, but it really isn’t specific enough to help you make definitive plans.
Morton has offices across Sydney, so our team of sales agents are constantly discussing the market differences they are experiencing, and the key point here is there really are very clear differences depending on each office location.
For example, throughout the COVID lockdown in New South Wales the Penrith property market was almost completely unaffected. Yes, our team of Penrith specialists had to adapt how they conducted inspections and safely secured deals but demand itself did not falter. Meanwhile, the market across the CBD and in Pyrmont did ease significantly over those same months but is now starting to regain some strength and in Woolloomooloo, the investor market has been eagerly overtaken by owner-occupiers.
The thing is Sydney is quite parochial and residents are generally quick to identify the unique attributes of their area so it does make sense that market activity will also vary. Which is why Morton has precinct experts who know and understand not only the homes, apartments, facilities, and suppliers in the area but also the nuances of specific fluctuations that might impact local supply and demand. The Morton team make it their business to know so they can support their clients when it comes time to predict how to value their property correctly to meet and capture the market. Just like when you want to know whether to pack an umbrella for the kid’s sport on Saturday there is real value in checking with a local expert.