2018 Predictions for the Sydney Property Market

As the New Year is fast approaching, Cameron Nicholls from Nicholls & Co Estate Agents in Abbotsford shares his top 2018 predictions for the Sydney and Abbotsford Real Estate market.

Cameron Nicholls, Director of Nicholls & Co Estate Agents says, “We will continue to see price growth in Sydney but at a much slower pace. In saying that, we will go through a period of price correction, which we are currently experiencing. This is normal following a five-year exponential boom period.”

The boom is over – Core Logic suggesting the peak was July 2017 reporting the last rise in values, followed by a 1.3 per cent reduction in property values over the Spring quarter of September to November. This is the greatest decline over a three-month period since May 2016.

Cameron’s key points to remember going forward in this market are:

  • Sense of urgency has gone from the market. Properties will continue to sell but days on market will be longer. Buyers aren’t rushing in.
  • Affordability will continue to be an issue with property prices still outpacing the growth in wages.
  • Tighter lending conditions for everyone, including investors. As well as a predicted increases in interest rates.
  • Crucial infrastructure for Sydney’s future is underway which is exciting and will undoubtedly have an affect on the property market. A spike in property values in the second half of the year could be a direct result of this.