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Brokers are in the best position they have been for some time, McGrath Estate Agents’ John McGrath has claimed.
Speaking at the National Aussie Sales Conference held in Sydney this week, Mr McGrath said he hasn’t seen the property market this “hot” since the last “real estate boom”.
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“Now I am not saying we are in the midst of a boom, but if the market does continue to travel at this pace, prices will continue to rise,” he said.
“In addition, interest rates are sitting at historic lows, so people are once again becoming excited about buying, which couldn’t be better news for estate agents and mortgage brokers.”
Mr McGrath said many suburbs in Sydney are doing really well, with the inner west flagged as the “area to watch”.
“We have seen property values climb in the inner west by 10 per cent and this price growth will no doubt continue at a strong rate,” he said.
Mr McGrath added that the Sydney property market is currently proving very lucrative for investors. As such, he expects to see more investors entering the market over the coming 12 months.
“There is definitely pressure coming from investors. First home buyers aren’t as active as investors, nor are they as active now as they were when the grants were in place, but I do believe they will come back.”
