Market Outlook for 2015
After a strong year of growth, many analysts are predicting a “steady-as-she-goes” year for 2015, with prices consolidating on the solid gains made throughout 2014.
Sydney property prices jumped an average 11 per cent throughout 2014, but by the end of spring, auction clearance rates dropped as some areas of the market began to stall.
Domain group’s senior economist Dr Andrew Wilson believes affordability barriers caused the market to slow because incomes were rising at a much lower rate than the property market.
He told Fairfax Media that while we can’t expect the spectacular growth we have enjoyed this year, the Sydney market will certainly be “healthy” in 2015 for a number of reasons. These include the fact NSW has the strongest economy of all the states, confidence is generally high and interest rates remain low.
He forecasts price growth of 5 to 7 per cent in Sydney with the strongest areas being the inner east, inner west, upper north shore and the Hills district.
Little Ray Of Giving
Ray White Elizabeth Bay would like to sincerely thank all those who contributed gifts for our “Little Ray of Giving” Christmas Tree appeal during December.
Community members kindly donated dozens of wrapped children’s presents as part of a charity program with Rotary club of Kings Cross. The presents were given to delighted children at Plunkett Street School in Woolloomooloo in the last days of the school year.
After such a successful debut, we have already decided a “Little Ray of Giving” will be back next Christmas. Many thanks again to all who took part.
New Year, New Loan?
Are you thinking of purchasing a property in 2015? Or maybe you are considering refinancing your current loan? If you need advice on the sale or purchase of a property, just call our helpful sales team on 9331 9600. Meanwhile, if you are looking for the right loan to meet your needs, or if you are considering refinancing, Gary Phillips – the Loan Market representative responsible for servicing our landlords and clients – will be happy to help. Gary can be reached on 0413 100 302.