Local market snapshot
“What’s the market doing?” I wish I had a dollar for every time I have been asked that question over the years. And it doesn’t matter if we’re in a boom or a downturn, my answer is always the same: “The market is moving”. It’s either moving up or it’s moving down. Even when prices are not moving, the market is moving. Properties are sold, new people move in. Houses are knocked down and units or townhouses are built in their place, then more people move in.
The Hornsby and Ku-ring-gai areas are right in the thick of it. There’s plenty of real estate changing hands and plenty of development. This creates a sense of uncertainty for many property owners.
Lots of people ask my advice about whether they should sell or wait. We all wish we had a crystal ball. In most circumstances it really doesn’t matter what the experts are saying about prices going down. When you think about it, if you’re selling and buying at the same time, it really is irrelevant. You might get less on your sale, but you’ll pay less when you buy. This can work in your favour if you are trading up! If you’re selling at the moment, be aware that buyers are out there, but many are being cautious particularly in light of the new criteria that lenders are using when approving finance.
We’ve all noticed the new unit blocks going up across Hornsby and Ku-ring-gai. This has had a big impact on the number of available rental properties. Many of these units have been purchased “off-the-plan” by investors - and now the rush is on to find tenants for them. This is a great opportunity if you’re a prospective tenant as there are lots to choose from.
This is an exciting time in the real estate cycle. Despite some experts predicting a longterm downturn, the increase in population is still driving strong demand in our area in both sales and rentals. So, what’s the market doing? It’s definitely moving.
Chris Hopkins is Principal and Licensee at Raine & Horne Hornsby. He has over 20 years’ experience in sales, sales management, and sales training to major franchise networks. He now runs a dynamic team serving the local community. Formed in 1883, Raine & Horne is one of the oldest privately owned companies in the Southern Hemisphere and is currently in its fourth generation of family ownership. Chris and Susie Hopkins have owned the Hornsby franchise since 2016.