Sydney Prices

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The Sydney housing market is starting to slow following more than five years of strong increases in dwelling values.
As the Sydney market slows there could be some upside for other housing markets where capital gains have been more sustainable and rental yields are higher.
Australia’s third largest city, Brisbane, has recently garnered more attention as a candidate for improved housing market conditions.
In this week’s blog we look at the historic relationship between housing market growth in Sydney and Brisbane in order to determine whether the slowdown in Sydney could translate into an acceleration in Brisbane.
 
<img src="https://www.corelogic.com.au/sites/default/files/styles/article_image_570w_/public/2017-10/2017-10-09-blogimage1.png" alt="2017-10-09--annualchangeindwellingvalues" width="570" height="198">
The 30 year annual change chart above tends to indicate that after a surge in Sydney dwelling values Brisbane has followed suit thereafter.  
Following Sydney dwelling value growth peaking at 61.7% p.a. in August 1988, Brisbane dwelling value growth peaked at an annual rate of 35.3% in February 1989.  
Annual growth in Sydney dwelling values also peaked in January 2002 at 20.8% with Brisbane’s rate of growth not peaking until December 2003 at 30.7%.  
Keep in mind that outside of these two clear examples, a rise in Sydney value growth has not necessarily been met with a rise in Brisbane (or vice versa).
<img src="https://www.corelogic.com.au/sites/default/files/styles/article_image_570w_/public/2017-10/2017-10-09-blogimage2.png" alt="2017-10-09--sydneydwellingvaluepremiumrelativetobrisbane" width="570" height="198">
  What the growth of Sydney values in 1988 and 2001 did have in common is that they resulted in a significant gap opening between values in Sydney and Brisbane.  
At its peak in August 1988, Sydney dwelling values were typically 104% more than Brisbane dwellings.  
At its height in September 2001, Sydney dwelling values were 107% higher than Brisbane dwelling prices.  
Recently the chart shows that the gap between values in Sydney and Brisbane has increased and at September 2017 the differential was 86%.  
The long-term average premium for Sydney dwellings over Brisbane is 55% indicating that the gap remains above the long-term average.  Interestingly, even taking a shorter time-frame the average gap has been 56% over the past 20 years and a lower 41% over the past decade.
<img src="https://www.corelogic.com.au/sites/default/files/styles/article_image_570w_/public/2017-10/2017-10-09-blogimage3.png" alt="2017-10-09--quarterlyinterstatemigrationfromnswtoqld" width="570" height="198">
  Queensland has historically been a popular migration destination for people choosing to leave New South Wales.  
The above chart highlights that following the surge in value growth and the widening of dwelling prices between Sydney and Brisbane, migration from New South Wales to Queensland has typically increased.  
Over the long-term, the average quarterly number of persons migrating from New South Wales to Queensland has been recorded at 12,376 persons.  
Migration from New South Wales to Queensland peaked over the March 1989 quarter at 18,259 persons and then averaged 14,461 persons per quarter from March 1989 to December 1991.  
Migration from New South Wales to Queensland peaked again in December 2002 at 18,129 persons and then averaged 15,392 persons per quarter from December 2002 to September 2004.
As migration from New South Wales to Queensland has recently picked-up, so far it has peaked at a much lower 13,487 persons over the December 2016 quarter which is only 9.0% above the long-term average.  
By comparison the 1989 peak saw migration to Queensland peak at 47.5% above the long-run average and the 2002 peak saw migration peak at 46.5% above the long-run average.
<img src="https://www.corelogic.com.au/sites/default/files/styles/article_image_570w_/public/2017-10/2017-10-09-blogimage4.png" alt="2017-10-09--annualchangeinemployment" width="570" height="198">
  Unless those people migrating from New South Wales to Queensland are retirees, employment opportunities must be a key consideration.  
Post the 1987 boom in Sydney, New South Wales employment growth was slowing while it accelerated in Queensland.  
Similarly in the early 2000’s employment growth had been greater in New South Wales than in Queensland however, by June 2001 Queensland’s employment was growing at a faster annual rate than New South Wales’ with Queensland employment growth consistently stronger than New South Wales all the way until January 2008.  
Over this period, dwelling value growth in Brisbane had consistently been stronger than growth in Sydney.  
Looking more recently, New South Wales has consistently recorded stronger annual employment growth than Queensland between September 2014 and March 2017.  Since April 2017, annual employment growth in Queensland has been greater than in New South Wales.
<img src="https://www.corelogic.com.au/sites/default/files/styles/article_image_570w_/public/2017-10/20174-10-09-blogimage5.png" alt="2017-10-09--unemploymentratetrend" width="570" height="198">
  Although employment growth is important, the unemployment rate is also a consideration.  
Although job creation picked up in Queensland after 1987, Queensland’s unemployment rate was consistently higher than New South Wales’ until October 1991 when it was fairly similar to that of New South Wales.  
By August 1992 Queensland’s unemployment rate fell below New South Wales’ and remained lower until December 1994.  
The New South Wales unemployment rate was then consistently lower than Queensland’s until July 2004 with Queensland’s unemployment rate remaining lower than News South Wales’ from July 2004 until late 2009 (thankyou mining boom!).  
From February 2010 onwards, Queensland is yet to chalk up one month in which its unemployment rate is lower than New South Wales’.  Interestingly though, the gap between the New South Wales and Queensland unemployment rate is currently lower (1.1 basis points) than it was as the Sydney housing market was peaking in August 1988 (1.5 basis points) and January 2002 (1.9 basis points).
The trends presented here would generally suggest that Brisbane could be well positioned for a pick-up in value growth as the Sydney housing market slows.  
Keep in mind though that there have been instances in the past where value growth has surged in Sydney and it hasn’t been followed by a surge in Brisbane, so a lift in Brisbane growth is no certainty.  
A significant gap in the cost of housing between the two cities was evident in both 1989 and 2002 and it also evident currently.  As value growth rose in Brisbane, interstate migration from New South Wales hit levels significantly above the long-term average and although interstate migration is increasing it is yet to hit anything close to those previous highs.  Employment growth is accelerating in Queensland which may encourage an increasing number of people from New South Wales to Queensland and the differential in unemployment rate is smaller than it was in 1989 and 2002.
One other consideration is whether the same magnitude of people leaving New South Wales for Queensland will actually settle in Brisbane.  
Both the Gold and Sunshine Coasts are much bigger cities in their own right than they were in 1989 and 2002 plus connectivity with Brisbane is much better than it was previously, so perhaps these migrants will be more inclined to settle on one of the Coasts rather than Brisbane.  
Over the 12 months to September 2017, Brisbane dwelling values have increased by 2.9% while values on the Gold Coast are 5.4% higher over the year and Sunshine Coast values are 6.6%. 
In my opinion, before we can call a coming surge in Brisbane dwelling values we are going to need to see both more evidence that migrants are settling in Brisbane rather than the Gold and Sunshine Coasts.  Migration from New South Wales to Queensland is going to have to lift by a lot more than it has to-date.  Finally, Queensland will also need to see a sustained improvement in employment growth to lure more people across the border.
 
Cameron Kusher is head of research for CoreLogic. You can contact him <a href="https://blog.corelogic.com.au/about/">here</a>.
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ckusher-ujnxiKuFQs

Sydney housing market starting to slow: will Brisbane benefit?

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Stand by for an avalanche of hysterical nonsense from mainstream media as the Sydney property market continues its gradual wind-down after four strong years of price growth. 
At Hotspotting we’ve been charting a steady decrease in sales activity for at least the past 18 months across the Sydney metro area. This inevitably has led to the slow-down in the price growth rates we are now seeing, alongside a reduction in auction clearance rates. 
We’re likely to see a similar scenario to the one that evolved in 2004, following the end of the previous boom, which stretched from 2001 to 2003. Back then there were plenty of predictions of price collapse from attention-seekers, but that did not occur. We simply saw an end to the previous price growth and values flat-lined for a few years. 
The evidence to date, both statistical and anecdotal, suggests we’ll see similar things this time. The conditions for significant price decline – economic recession, high unemployment, major oversupply and reckless lending – don’t exist. 
The key elements that drove the up-cycle – the strength of the NSW economy, the very high levels of infrastructure spending and the steady population growth – are still as prominent as ever. And of course we still have very low interest rates, though their influence is much less than the chattering economists would have us believe. 
But we’ve already seen some doomsayer headlines. 
One high-profile commentator, Robert Gottliebsen, claims that values of established apartments have fallen as much as 25 percent in some locations, but I can’t find any evidence of this and neither can anyone else I’ve spoken to. 
The consensus from property professionals at the coal-face is that the frenzy has dissipated and market behaviour has moderated, but there is, as yet, no sign of prices dropping. The evidence is that they have stopped rising, generally speaking. 
Mainstream media, always a great source of misinformation about property markets, over-reacted to the recent CoreLogic figures that suggested a small decrease in Sydney prices in October. That prompted headlines declaring the end of boom and, in some cases, a likely collapse in values. 
It also inspired some of the more shallow commentators, like those at UBS, to rush to be the first to declare the end of “the Australian property boom” – that fictitious entity that exists only in the minds of economists who don’t understand the workings of our many different real estate markets. 
Media should know better than to over-react to month-to-month figures, which are notoriously erratic and ultimately irrelevant. 
I remember similar mis-interpretations late last year when the month-to-month figures showed a 1.3% drop in Melbourne house values in November 2016. Media shouted that the Melbourne boom was over and values were falling. But the next set of monthly figures showed a 3.3% rise in December, at which point media screamed that the boom was back on. And, with further rises in subsequent months, those strident headlines about the collapse of the Melbourne market were quickly forgotten. 
I’ve spoken to a number of respected buyers agents and trustworthy selling agents and no one has seen any sign of the nose-diving values perceived by Gottliebsen in the secondhand apartment market. 
The principal of Snowden Parkes Real Estate, Tony Abboud, is as informed as anyone about Sydney apartment markets and he says the reality is the opposite to what Gottliebsen has claimed. 
The Australian columnist reckons new apartments are fine but secondhand ones are losing value rapidly. Abboud sees it quite differently. He says more and more buyers are opting for the established product, because it’s more affordable than the new stuff – and that’s underpinning values. 
“The existing apartments have been holding up well, because they have lower prices per square metre than the off-the-plan product,” Abboud says. “So it’s made them more attractive. Buyers are also more likely to buy something that’s already built because it offers certainty. 
“We are getting 20 or 30 calls a day from buyers. They are taking longer to make decisions, because the urgency has gone from the market, but there’s an intent to purchase.” 
Buyers agent Kate Hill from Adviseable has seen no evidence of price decline in the Sydney market. 
“The market has eased off but prices are holding at the moment,” she says. “There’s no evidence of a big drop in apartment values. There’s still relatively consistent demand. Markets have come off the boil and a lot more properties are being passed in at auction, but there’s no evidence I’ve seen of price decline.” 
Buyers agent Rich Harvey of propertybuyer says that if apartments were selling at a 25 percent discount he would be buying the first that comes on the market, but he has seen no sign of that occurring. 
He’s seeing mixed results in the auction market as far as pricing goes: some selling above reserve, some hitting the reserve price and some selling a little under reserve. 
“There’s certainly no sign of panic,” Harvey says. “Some vendors are being a bit more realistic and we’re seeing a degree of moderation in the market. It’s not quite a buyers’ market yet, but we are seeing opportunities.” 
He says he’s getting more calls from selling agents asking if they have buyers – rather than just opening the door and watching the buyers rush in. 
So, all signs point to a market which, unsurprisingly, is running out of puff after sprinting for four years. But we can expect Sydney to keep jogging steadily. 
Terry Ryder is the founder of hotspotting.com.au ryder@hotspotting.com.au 
twitter.com/hotspotting
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terryryder-YECXbqmri2

Avalanche of hysterical nonsense as Sydney property market continues gradual wind-down

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Despite periodic warnings from the Reserve Bank about crazy prices, the Sydney market place has just had a year that no-one foresaw in terms of continued strong price growth.
But Brian White, chairman of real estate agency Ray White, says that homeowners’ and buyers’ sensitivity to interest rates remained "acute."
Any talk of rising interest rates dampens buyer enthusiasm across the Sydney property market.
And when rates do actually rise, the doubts set in further as buyers pause putting their hand too deep into their pockets. And often not buying at all.
It was no surprise that the tail end of 2016's auctions has seen a seasonal turn in the pitch as the last minute boost in numbers hits the market.
Clearance rates that were in the 80s, now into the mid-70 as many buyers turned off - perhaps to come back next year.
The recent auction market fatique also had much to do with interest rate headlines.
Ever since the Trump triumph in the United State in early November, its been subject to much speculation.
And the past fortnight has seen the big banks make early adjustments, to fixed rates more so than the more popular variable home loans. 
The Commonwealth Bank, the country’s biggest lender lifted the rate of its popular 3-year fixed rate by 0.20 percentage points to 4.24 percent.
It also lifted its longer-term 5-year fixed rate by 0.60 percentage points to 4.74 percent.
CBA was following Westpac with a RateCity.com.au analysis showing a further 20 lenders had lifted rates 268 fixed products since November 1.  
Peter Arnold, data insights director at RateCity.com.au said fixed rates are based on market expectations of future rates and "are the best indicator that we’ve got that a variable rate hike on the way.".
“Previously, banks were betting on lower rates in the future but we’re seeing those expectations change by the day."
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All the recent talk and then movements will dictate the direction of house price growth in 2017, having already started to dampened the market.
There are two substantive price forecasts out for 2017. 
Housing price growth of between 5 and 6 percent is expected for 2017 for detached houses is tipped by Paul Bloxham, the HSBC chief economist.
He expects Sydney apartment prices to track at a slower pace than detached houses at between 0 and 4 percent.
Bloxham noted what he called a substantial 66 percent ramp-up in housing prices in Sydney since mid-2012.
He added some of the price growth was at a "worrisome pace" of Sydney price growth, particularly in 2014 and 2015.
But following a tightening in prudential settings starting in late 2014, housing price growth had slowd from double-digit growth last year to high single-digit rates this year.
The other forecast came from SQM's Louis Christopher who has more often got it right than wrong.
He suggests the Reserve Bank of Australia will need the Australian Prudential Regulation Authority to reign in home lending once again, or lift interest rates, or do both to avert a dangerous housing bubble.
Christopher suggested a scenario house prices in Sydney could rise between 11 and 16 percent given a combination of factors including loose monetary policy, strong population growth and booming local economies.
The early November forecast assumed a stable interest rate environment, a stable exchange rate and no further home lending restrictions by APRA.
A rate rise by the RBA of 25bps would curtail the rising Sydney market to beween 8 and 13 percent for the year.
The article first appeared in the Saturday Telegraph
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jchancellor-FAypfDUnLy

What will happen to Sydney prices in 2017?

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Sydney prices will rise by around 10 per cent over 2020, valuation firm Herron Todd White believe.
They expect new listings to increase in the first half of 2020, which should see price growth begin to moderate, however they still expect double digit growth in the harbour capital.
A price growth of 10 per cent will see prices move above the previous peak in the second half of the year.
"We expect prices to be fairly strong across most regions and sub-sectors however we expect the lower quartile to begin to improve at a quicker pace while new units in oversupplied suburbs may remain weaker for the first half of the year", the valuation firm advised.
"A number of infrastructure developments have recently opened, or will open in 2020, which will continue to strengthen prices in the suburbs benefiting from these links."
Sydney dwelling values saw a 5.3 per cent increase of 2019, kickstarted in the middle of the year when the fast-paced recovery began. The final quarter alone saw prices rise 6.2 per cent, according to CoreLogic.
HTW believe the jump was mostly due to an increase in demand after the elections and interest rate cuts, while new listing levels remained fairly subdued in comparison to previous years.
Herron Todd White's monthly reporting of the property market saw no changes to their property clock, which puts capitals and sub-regions in to stages of the property cycle.
They said time will tell how the bush fires will play out both economically and politically for the remainder of the year, and what impacts it may have on the wider property market.
 
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wdavis-8cCN98p7xp

Sydney prices to increase around 10 per cent over 2020: Herron Todd White

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Sydney house prices will remain close to unchanged in the year to December 2019 after falling by about 8% in 2018, according to the latest Domain forecasts.
Domain predicts house prices will grow modestly in 2020.
They believe that house prices will fall by about 12% from their peak of almost $1.2 million in June 2017 to a low point of just above $1 million in mid-2019.
<img src="https://www.urban.com.au/images/2018/11/29/Sydney%20Domain%201.JPG" alt="">
Source: Domain
Sydney unit prices are expected to be more resilient than house prices.
Domain Economist Trent Wiltshire said: "Unit prices are expected to fall by about 3% over the year to December 2018, but then prices are expected to grow modestly over the next two years at about 3-5%.
"Sydney unit prices are predicted to fall by 6% from their peak of $769,000 in June 2017 to their lowest point of about $720,000.
"At this low point, Sydney unit prices will be back at their late-2016 level.
"The NSW government’s stamp duty concessions are also likely to support unit price growth."
<img src="https://www.urban.com.au/images/2018/11/29/Sydney%20Domain%202.JPG" alt="">
Source: Domain 
However, one risk to Sydney unit prices is whether the large pipeline of new unit construction is absorbed.
Given projected strong population growth, Domain is of the opinion that this will not result in city-wide price falls, although some areas with a particularly large amount of new construction may see prices remain weak.
"Tighter lending conditions have weighed heavily on Sydney property prices, particularly for more expensive properties, but we think this is likely to have played out by mid-2019," Wiltshire said. 
Click <a href="https://www.propertyobserver.com.au/images/2018/11/30/Domain%20forecasts%201.JPG" target="_blank">here</a> to enlarge.
<img src="https://www.urban.com.au/images/2018/11/30/Domain%20forecasts%201.JPG" alt="">
Click <a href="https://www.propertyobserver.com.au/images/2018/11/30/Domain%20forecasts%202.JPG" target="_blank">here</a> to enlarge.
<img src="https://www.urban.com.au/images/2018/11/30/Domain%20forecasts%202.JPG" alt="">
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j.ballantyne1990-6AQqhLzZaK

Sydney house prices will drop 12% from peak: Domain

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It has been increasingly obvious Sydney housing affordability was deteriorating based on the number of years’ worth of income required to purchase a home.
The significant gap also exists between incomes and the cost of renting.
The situation is particularly dire for single income households.
Professor David Adamson, from the University of South Wales, noted in the recent Housing Affordability Income Gap report, that the geography of housing unaffordability was increasingly hurting middle-income families.
Historically rents have been more closely pegged to incomes than property prices, but this link appears to be weakening.
Adamson suggests we have a broken housing system as between 2006 and 2016, Sydney median rents have increased by 76% while incomes have increased by 51%.
"The analysis tells us that this isn’t simply an experience of the few but that occupations often seen as middle-class and well paid are increasingly experiencing housing stress in order to live close to their place of work."
The report concluded typical households face the choice between living a considerable distance from the city, or living in a one-bedroom apartment.
If neither option was practical, these households are effectively forced to accept living in housing stress.
Avoiding stress on a two-bedroom apartment in Sydney’s inner suburbs required a $121,000 income.
The report notes the median rent in Sydney is $530 per week which would be enough to secure a three-bedroom house in Blacktown, but not enough for a two-bedroom unit in Burwood.
The report found two-bedroom units in Sydney’s middle ring are affordable, however affordability income gaps exist in the Canada Bay, Hunters Hill, Ku-ring-gai and Willoughby LGAs. 
Sydney’s outer ring is affordable for renting, although income gaps exist for detached dwellings in Hornsby, Northern Beaches, Sutherland, and The Hills Shire.
Since June 2000, regions in Sydney’s west such as Blacktown and Fairfield have experienced rent increases of 125% and 145% respectively, compared to 87% in Mosman, and 94% in Woollahra.
The effect is even more pronounced in satellite cities on the outskirts of Sydney such as Newcastle, where rents are up 150%, and Wollongong with rents up by 168%. 
With relatively lower incomes, renters of detached dwellings in the outlying locations and regional NSW face housing stress too.
The report acknowledges the 30-year boom in house prices has made a lot of people extremely wealthy, "at least on paper".
It then suggests the wealth effect was "perhaps why so many have been willing to turn a blind eye to the economic and social fallout for so long".
It slammed policy makers for "aiding this wilful blindness by using cheap credit and immigration to create the illusion of an economy running on all cylinders".
The AHIG report noted dwelling prices have experienced modest declines over the year with Sydney leading the way, down 4.5%.
"It would be a mistake however for policy makers to take this as a sign that no action is required," the report concluded, noting for Australian housing to meet any accepted definition of affordability, prices would have to fall by 60% from the 2017 peak.
It conceded any major fall in prices could spark a deep and painful recession.
However a recession "sparked by a housing bust should be viewed as an opportunity to address the systemic problems that enabled the emergence of the crisis in the first place,' it ill-advisedly countenances.
This article first appeared in The Daily Telegraph. 
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Sydney's rental affordability is hurting middle-income families 

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Both houses and apartments in Sydney have begun their decline, according to the latest Herron Todd White property clock.
The valuation firm put Melbourne apartments at their peak, with Melbourne houses approaching their peak.
There are two capital cities with property markets at the bottom, Adelaide units and Darwin houses.
Brisbane, Canberra and Perth units are in decline. Perth houses are approaching the bottom of the market 
<a href="https://www.propertyobserver.com.au/images/2017/11/6/Clock_Houses.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/11/6/Clock_Houses.jpg" alt="">
<a href="https://www.urban.com.au/expert-insights/investing/76712-sydney-remains-at-the-top-of-market-cycle-for-houses-htw-property-clock" target="_blank">Sydney houses</a> were at their peak last month and in September when HTT noted the "frenzied" house buying was fading.
Sydney houses and units were also deemed to be in <a href="https://www.urban.com.au/expert-insights/investing/74060-sydney-apartment-market-starting-to-decline-ballarat-units-at-peak-htw" target="_blank">decline in August</a>. Sydney units stayed in decline in September and October.
<a href="https://www.propertyobserver.com.au/images/2017/11/6/Clock_Units.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/11/6/Clock_Units.jpg" alt="">
 
 
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jonathanchancellor-7SQnKwU6yx

Sydney houses and apartments in price decline: HTW property clock

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Property, just like any other investment class, follows cycles where prices can rise, fall or plateau.
Sydney got a rare taste of a dip in September, according to CoreLogic, when it joined Darwin with values falling.
It was no great surprise, and not by much though.
After getting 80 percent percent higher over an extended five year upswing, Sydney dwelling values slipped 0.1 percent lower over the month to a $909,000 median, it’s first month-on-month decline in 17 months.
Ofcourse the headline figure is accompanied by increasing resale activity at lower prices.
The most recent CoreLogic pain gain report noted 2.6 percent of Sydney houses and 1.8 percent of units had been resold recently at a price lower than their purchase price.
This is a very low volume of resales making a loss as the national figure sits for houses at 8.1 percent and 13.3 percent for units.
Many Sydney council areas recorded no loss over the March quarter including Waverley, Ashfield, Burwood, Hunters Hill and Kogarah.
The council areas with the highest proportion of resales at a loss were Wollondilly (5.9%), Hurstville (5.7%) and Hawkesbury (4.8%).
The ups and downs in pricing can be typically explained through the classic economic theory of supply and demand and exuberance.
The rising volume of new stock on the Sydney market - both auction and private treaty - is likely to place further pressure on the market during spring, as volumes are sitting some 15 per cent higher than last October.
The Sydney property market is more likely to experience an extended plateau rather than any doomsday crash scenario due to the relatively low unemployment rate and heightened population growth.
CoreLogic's head of research Tim Lawless says that prices in Sydney will probably trend lower into 2018, although continued strong demand for housing, along with the likelihood that interest rates will remain low, will help to support a floor under housing prices.
I'd suggest much depends on Sydney investors who appear to have momentarily called time out in part because they are now paying higher interest rates after restrictive lending practices by banks.
The investors' response is an understandable reaction to policy initiatives by APRA, the financial regulator, for market cooling.
Residential investor activity has declined sharply in NSW as the latest data from the ABS reported that approved residential investor loans for buyers totalled $5.7 billion over July which was down 22 percent on June.
Sales data indicates that NSW investors were slightly more likely to incur a loss on the resale of their property than owner occupiers. Over the March quarter, 1.9 percent of investors resold their home at a loss compared to 1.8 percent of owner occupiers. 
Buying when everyone wants to sell increases the chance of quickly profiting from property, not that we've seen much flipping intent among buyers as the typical hold period has been six years. 
The time held is important, especially to sit out selling during downturns.
Sensing and tracking the price cycles can pay dividends for savvy home buyers and investors, as there are times when property purchasing can result in a wonderful early gain.
This article was first published in the Saturday Daily Telegraph.
 
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