For almost two years we have been waiting to see signs of good news in the NSW property market.
Hit hard by an oversupplied inner city market, the introduction of the State Government Vendor Tax and general negative market sentiment, it seemed that we had seen the best of the Sydney property market as it dipped into a decline in value for the first time in many decades.
Even when the NSW Government abolished Vendor Tax last September, the market remained jittery as confidence was slow to return.
Ironically the better areas never followed the trend downwards as short supply kept these areas active and increasing.
“We have had our busiest year, with volumes up 50% on previous years” says Phil Vicq, Principal of LJ Hooker Manly, one of Sydneys premier suburbs.
“Even in a quiet market people want to find a quality place to live and invest, and areas like Manly maintain their appeal”
In the latest figures released from the Australian Bureau of Statistics, Sydney grew at an acceptable 1.4% for the quarter, the first decent result in the past two years and the level of activity is beginning to increase.
First Home Buyers have been active for the past few months, which is normally the first sign of property market recovery, prompted by some very generous stamp duty concessions offered the State Government.
Underlying activity has started to move and now so are the prices, so we could well be witnessing the start of the next phase in the NSW Property Cycle.
