Sydney is still a sellers' market: John McGrath

Sydney is going to remain a seller’s market for some time yet, according to estate agent John McGrath.

He said it was surprising to see media reports describing the Sydney property market changing to favour buyers.

"We are still very much in a sellers’ market because buyer demand is so far in front of supply, even with the additional stock coming onto the market today," he blogged on the Switzer website.

"The fact that the clearance rate on the second weekend of November dipped to 75% in Sydney does not indicate a change in market sentiment – it’s just a reflection of a big jump in volume and that’s only happening because vendors are feeling supremely confident, not because they’re panicking." 

As the property cycle was only two years old – and typically last three to five years - he maintains Sydney was still on a long-term growth trajectory. 

"There is still room over the next couple of years for another 5 to 10% growth in prices in key high quality Sydney markets."