The larger than expected drop in Sydney’s property prices is certainly weighing on sentiment at the moment.
But if you can look past the current doom and gloom, there are suburbs that may surprise on the upside over the next 12 months.
Doug Driscoll, CEO of Starr Partners, shares his predictions on the Sydney hotspots to watch in 2019.
Driscoll says he doesn’t see Sydney property performing well next year.
He points to two main factors that will influence the Sydney’s housing market over 2019.
“There are two or three things that come to mind in terms of holding the market back.
“The first is how the government will implement the recommendations from the royal commission.
“There is a genuine balancing act there. Obviously they have to ensure the banks are more prudent and more responsible in their lending measures, however they have also got to ensure there is credit available, because without home loans, properties don’t get bought.
“That is going to be very difficult and challenging and will have an impact on the market.
“Also we have the state election and the federal election coming up as well.
“Both of which aren’t foregone conclusions. Both will be keenly fought and when there’s uncertainty in the air, people tend to sit on their hands and do very little.
“So certainly for the first half of next year, the market conditions we are facing now will be the same we will be facing then,” Driscoll said.
Sydney suburbs to watch in 2019:
- Baulkham Hills
- Millers Point
- Castle Cove
- Breakfast Point