Good News for Sydney Home Buyers – The Frenzy is Finally Over
In a recent article in the Sunday Telegraph, Simon Cohen – Managing Director of Cohen Handler shared his views on the changing tides of the property market, where ‘fear of missing out’ is no longer the driving force behind Sydney’s competitive house prices.
The intense nature of the bidding wars in the Sydney property market have calmed as buyers make their expectations and goals more realistic. Due to the change in buyer’s behaviour, Simon believes that the current market offers buyers a greater opportunity to purchase.
“The market is not as highly competitive as it was five months ago,” Simon said. “Buyers have been scared off from auctions by the big prices achieved at auctions in recent months, so you are seeing less people competing for properties.”
Buyers are dropping out of the market due to the current high prices winning at auctions. Buyers fear they cannot compete and are concerned they will overpay; hence this has caused the market to become less competitive.
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