Diana Batkin is hoping to buy a small unit as an investment for her children down the track.Credit:Louie Douvis
“Tax relief is coming through and there would be some other policies waiting in the wings because state and federal governments are keen for more new houses to be built,” Hassan said. “We do expect prices to rise,but something has to happen to really kick it along.”
Diana Batkin has been looking in different suburbs for the past year to buy an investment property but said it was a tough market to get into despite rising interest rates.
“Even in the lower end of the market,normally interest rates tend to push your first home buyers out or make investors nervous,but it still seems to be,despite those two factors,a strong and competitive market,” Batkin said.
The 50-year-old who works for a medical company plans to buy the unit as an investment to help her children into the market down the track.
“Not only are we shoring up our future but the future of our kids too.”
Richardson&Wrench Ryde’s Conor Arnold said cashed-up buyers were a driving force behind last year’s recovery and price growth would moderate this year as more listings hit the market.
“I don’t think there will be a problem buying units because there’s so much to choose from so purchasing won’t be a problem,” Arnold said. “This year will be the steady year.”
BresicWhitney chief executive Thomas McGlynn said while the property market was not out of the woods yet with many home owners hopeful for rate cuts,the year had started with gusto despite more homes added to the market.
“In the two weeks of opens[buyers are] leading the charge with inspection numbers which is exactly what we saw at the beginning of 2023,” he said.
He said in regions that recorded declines – such as Baulkham Hills and Hawkesbury,Blacktown,the outer south-west and Parramatta where unit medians all fell in the December quarter – the number of owners selling outstripped demand.
“I would largely put that down to investors selling and maybe a little bit of mortgage pain,” he said.