Pina Panebianco is hoping to buy a house as an investment while her family lives at her in-laws in the meantime.Credit:Flavio Brancaleone.
“We are looking to invest purely because we won’t be able to afford straight up to move in,just to help with the repayments,” Panebianco said. “We’re going to rent it out to knock off some of the mortgage[and move in] when it’s affordable.”
Panebianco has been looking to invest in suburbs like Gladesville in the Ryde region where house prices have jumped 6.9 per cent to a median of $2.3 million.
“It’s tricky,the good houses are still holding … there are not many bargains around at the moment,” she said. “We don’t want things to get out of control,and we don’t want to miss that boat.“
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But Westpac senior economist Matthew Hassan questioned the longevity of Sydney’s property market rally.
“This rally has really short legs and will be difficult to sustain,” he said. “The big test will be as we see more sellers come into the market. It will test the depth of the demand from buyers,and see if people can continue to stretch to afford a[more expensive] house.”
Hassan said he believed Sydney’s price rally would peter out and prices moderate as more houses hit the market.
BresicWhitney chief executive and auctioneer Thomas McGlynn said conditions have already shifted on the ground with more listings expected to hit the market.