The property market is changing, creating opportunities for some and traps for others.Today I tried playing with Chat GPT and asked it to write my blog on the Sydney property market – and was amazed by the results!
“Now, we all know that Sydney is a fabulous place to live with its vibrant city life, beautiful beaches, and stunning harbour. And, unsurprisingly, the property market is always bustling here. So, what’s happening now?” it said as if Sydney’s streets were paved with gold.
Now, there’s no doubt that Sydney property investors have done well over the years. But a simple request to write about today’s property market produced gushing results.
Over the years, my clients have done well where they have made wise investments rather than just following the latest fad.
But, as we start to see the property market pick-up, many are starting to rush headlong into investments that could well be too good to be true. This week’s Australian ran an article stating “NDIS property promotions underplay the complexity of these increasingly popular investments”.
The article cautioned against gullible investors being blindsided by property spruikers.
And yet, at the same time, many economists are predicting growth in the property market – it’s just a case of choosing widely. This week we arranged finance for a young couple Sydney who have been clients for a few years who were wise-enough to sit out all the speculation that was occurring in the property market of Covid days.
Now they have worked out that, with interest rates almost at a peak, the market may be about to lift-off – so they have taken the plunge.
But I am also hearing other stories of project marketers flogging house-and-land packages to people who are on disability benefits and who hope to have enough income by the time the property settles in 2024. It may work out for them, but there’s a lot of risk.
There’s no doubt we are entering into a Brave New World. But that doesn’t stop us doing our due diligence before we buy.
If you want to talk more about your property and finance needs, please contact me on 02 9922 5055.
By Graeme Salt