Sydney Housing Market Update 30/08/2018
If you need any reminding from a real estate agent, it's officially Spring this Saturday and the starters gun for the end of the year has well and truly gone off.
To put everything firmly in perspective if an owner listed their property today to be Auctioned at the end of September, a successful sale under the hammer followed by a standard six week settlement period would take you to mid November.
That's right barely a month out from Christmas. What it means is that if you REALLY want to make a move in either direction on the property circuit NOW is the time to do so.
Shortly we will be placing a number of fantastic homes on the market for you to view so watch this space.
The most important thing for buyers to do though before you make a move is lock in that finance. There's nothing worse than finding a property you like after an arduous search only to find a delay or complication with the money can jeopardise your chances of securing it.
And believe me it has been happening quite regularly in our office.
Unless you've been living under a rock in the past six months a little thing called the Royal Commission into the Banking & Finance sector is taking place and it hasn't been pretty. Similar to standing by the side of the road and watching a car accident unfold, you know you really don't want to see what has happened but still feel compelled to watch.
My own thoughts ? It's been a good thing overall. We all knew that the banks were not being regulated strictly enough, particularly during these heady times of historic low interest rates. In effect APRA (Australian Prudential Regulation Authority) has had to do the job of ASIC (Australian Securities & Investments Commission) in keeping them as honest as is physically possible.
With the reins already being tightened this has become far more pronounced as the Royal Commission has played out so publicly.
The only unfortunate byproduct of all of this is buyers who are perfectly good "risks" to the banks have been forced to undergo far more stringent compliance to receive a loan - with some failing.
So make sure you check out where you stand with your finance before making that offer.
That's it from me. Have a great weekend and I'll see you next Thursday.
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