It's official, Sydney property prices rose 18.9% during 2014/2015, according to figures published by the Australian Bureau of Statistics.
With lower recent clearance rates, property prices have peaked, say some banking and property experts. Clearance rates were down to 71% last weekend with 45% more stock coming onto the market compared to this time last year. Given increased stock, there is a natural movement in clearance rates and there are predictions of over 1,000 properties going under the hammer this weekend.
However, if you are looking to invest, there are some tips from property expert Nathan Birch who owns 170 properties. His tips listed in the SMH Domain are:
- Make sure you understand why you are buying your property. Set strong goals from the start and only accumulate properties in line with your goals.
- Don’t buy with emotion. It’s about numbers. Treat property investing like a business with no emotion.
- Have clear goals: what you need to add into your life; into your business; into your property portfolio and what you don’t.
- The three main keys when accumulating property: buy below market value; it should have an upside to growth and a good cash flow.
Whether you are looking to refinance your own home or invest in property, lenders are offering great incentives. Call me for a free consultation.