Further to any commentary I have made with regard to property prices, median sale prices and Auction clearance rates, this market, for all intents and purposes, is still ‘booming’.
People looking to sell are asking whether the prices will continue to grow or whether we will see the prices fall away shortly or even, whether the prices will stagnate at some point. People looking to buy are asking the same questions with the opposite motivation.
Sellers want to make sure they are selling at the right time and hope to avoid being targeted as an ‘under-seller’ or selling before another rate cut or price boom, while buyers want to make sure they aren’t paying the highest price or breaking a suburb record etc.
Regardless of the media commentary, analysts speculation and layman chit chat, this boom is not unlike the boom following the 2000 Sydney Olympics. In the 3 years after the entry into the new Millennium prices rose significantly, much as they have recently.
People looking to sell, know that we are sitting in a boom, granted it is not as high percentage wise as the boom across the same period in 2000 – 2003. However, still the highest rise in 12 to 15 years. People looking to buy, remember that in 12 to 15 years, we may be having the same chat.
There used to be a colloquial saying that was ‘property prices in Sydney double every 10 years’ – It would seem the saying could be now, that ‘property prices in Sydney double every boom season’. Property will rise in Sydney, there may be lulls in between booms, some people see it as a negative to buy and sell in a ‘boom’ market, but isn’t it all relative?
This ‘boom’ may not end with a crash but it will come to an end, when and how, nobody knows.
Thomas Merriman.
Thomas Merriman 