Sorry I’ve been a bit quiet lately, I don’t mean to be the town crier of doom and gloom but it’s been hard to write my normal chirpy upbeat missives in such precarious times.
Now that the ski season and school holidays are officially over it’s time to see what this property market is really like. In fact, there may be some similarities between the two…both have been a little underwhelming (ironically it’s been a little frostier up here than down there).
Let’s be real, 2026 is going to go down as an annus horribilis for the Sydney property market. I know that many agents are pushing the low stock narrative and buyers agents are calling it “the best buying conditions in years” but I’m just not sold on these overly simplistic views.
Side note, if there is one thing that gives me the ick it’s those side-profile videos agents post on social media where they are driving around in their leased car going on about the market, guys, stop that. Sorry I just needed to get that out, it has nothing to do with this note…but seriously stop it. The whole “I’m so busy I need to drive around and give these reports on the run” vibe is not a vibe, plus I’m sure your local traffic cop is with me.
If I was going to drive around posting such videos (with one hand) I would say that my take is that as long as the peace process rages on in the Middle East we will continue to be in for a bumpy ride. Why? So many bumps.
I’ve never been particularly good at math but in my mind global uncertainty + inflation + a terrible budget = uncertainty. If I had a dollar for every time I’ve heard ‘wait and see’ this week I would be able to buy enough snow machines to make Thredbo look like a real ski resort. Whilst we have been making sales (thank god) I’d say that serious buyers are almost as hard to find at the moment as IMAX tickets to see The Odyssey.
To create certainty people require confidence and I would put to you all that the more honest advice people can get the more confidence will emerge. That’s one hell of a word salad but I think you know what I mean.
Until next week,
David Murphy