I agree with Rona's sentiments.
There is cash everywhere in Sydney at the moment;
I have never seen more new cars,
the cafes and restaurants are full,
despite low wage growth nationally, this is not evident in professional jobs in Sydney
tradies are earning the equivalent of doctors,
3 full cruise ships leave Sydney daily
NSW government has huge infrastructure projects lined up for the next decade or more
If/when unemployment rises a lot of people may experience financial difficulties, but that is not evident yet.
Now that the real estate market has properly kicked off after it's usual January hibernation, it will be interesting to see what happens. 2 good quality properties in my area have sold for about the same as would have been expected around the peak. One low quality has sold a under that level.
So certainly buyers are being selective and the flippers have lost enthusiasm in run down properties, which all aligns with a usual property cycle.
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