The Sydney property market will slow down next year.
In fact segments have already slowed down with auction clearance rates dropping over the last few months.
But certain segments are still hot and likely to remain so.
SQM Research’s Louis Christopher forecasts that the luxury end of Sydney’s property market will outperform in 2016, particularly houses worth more than $2million in Sydney’s lower north shore, northern beaches and eastern suburbs.
Christopher forecasts houses in Sydney’s eastern suburbs will increase in value between 8% and 13% in 2016, while houses in the lower north shore and northern beaches will increase in value by 7% to 11% in 2016.
Christopher’s predictions are at odds with several other economists suggesting Sydney’s property market is overvalued, but Christopher has had a canny knack of being one of the most accurate of the many property forecasters over the last 4 years.
He predicts that the strong NSW economy will be good for affluent parts of Sydney.