PHOTO: A real estate CEO makes 12 predictions about the Sydney housing market in 2020. (Image: Getty)
Sydney real estate has had a rollercoaster ride the past couple of years. So what will happen in the new year?
Douglas Driscoll, as the chief executive of real estate agency group Starr Partners, is well qualified to answer that question.
Here are Driscoll’s 12 predictions for the Sydney market in 2020:
1. Owners will continue to be shy
Supply will remain low, according to Driscoll, as owners wait to list their homes at the peak of the market.
“For this reason, Sydney property buyers might be rewarded with more stock at the end of 2020. Once this happens, prices will creep closer to their early 2017 levels – though won’t quite reach them,” he said.
2. Stampede of first home buyers in January
The federal government’s First Home Loan Deposit Scheme starts on new year’s day.
“While I stand by my argument that this was a pre-election gimmick by the Coalition Government to win votes, it will undoubtedly lead to an immediate stampede of first home buyer numbers in the first few weeks of next year,” said Driscoll.
“This is a ‘first-in, best-dressed’ scenario, so I won’t be surprised to see first home buyer numbers slow once these spots are filled.”
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