The next few years are going to be the most exciting for a lot of Australians.
Geoffrey O’Brien, the chairman of Sydney’s First Hill Real Estate, says the real estate market is set to hit the roof in 2018.
“The next two years will be absolutely amazing,” he said.
We are going from a peak of $1.3 billion in 2015 to $1 billion in 2020.
Mr O’Briens’ group has been growing quickly and is expected to hit $2 billion in annual sales in 2020, but it has been doing so at a slower rate than the rest of the market.
At the same time, demand is also slowing down.
According to the latest Sydney Real Estate Board (SRB) data, the number of listings in the CBD has dropped by about 20 per cent since last year.
The numbers are down in Sydney’s outer suburbs as well, with only the eastern suburbs, Southbank, and the westside area accounting for a bigger share of sales.
However, the numbers in the inner city have continued to rise.
In October, the SRO’s sales volume hit an all-time high of $7.4 billion, according to the data.
But it has also dropped in the outer suburbs, where its average volume was $1 million in October.
With the boom in housing prices coming to an end, it’s easy to see why people are looking to move.
Many of these people are moving into areas like Southbank and Fitzroy.
They are paying the price in terms of housing, rents and other costs that come with owning their own property, said Mr O’Connor.
It’s a lot more expensive than a year ago, but we’re seeing more people choosing to buy, and more people are choosing to stay.
There is a lot that is going on with the housing market, but people are really focusing on the quality of the houses that they are looking at, rather than the price, he said, adding that the prices are just going up.
Real estate agent Andrew McIlhaney says he thinks people are still buying, despite the price increases.
I think there’s still demand for homes in the city.
But it is starting to look a little bit more like a suburban market, which is a nice thing, he says.
What do you think of the price of a new home?
Are you willing to spend more to buy?
Let us know below.