Real estate market at start of a new growth cycle: John McGrath
Estate agent John McGrath says Sydney’s recovery is well underway, with increasing buyer demand and strong prices being achieved across all property types under $2 million.
He has noted weekend clearance rates have been consistently above 70% for several months and that home loan applications are rising.
"Official interest rates are at a record low, with fantastic deals such as a three-year fixed home loans now on offer at 4.83%," he told his Switzer blog readers.
"We’re on track to achieve 5-10% growth in prices this year, with more buyers coming off the sidelines as they see more and more evidence of stronger sales in their neighbourhoods," he said.
McGrath reckons investors are very prominent in the market.
"Many are choosing to purchase through their self-managed super funds, which continues to be one of the most significant changes in the Australian residential marketplace today."
"We are at the start of a new growth cycle which will play out over the next three to five years."
