A lack of properties and strong demand are keeping prices at record peaks.
THE Canterbury Bankstown real estate market shows no sign of slowing, with demand continuing strong, and the amount of properties offered for sale remaining stagnant.
Despite claims that the Sydney property market has plateaued, with prices coming off the boil, leading real estate agents in the area have told the Torch that a lack of properties and strong demand are keeping prices at record peaks.
Some in the industry had reported changes in the federal budget, including the 50 per cent cap on foreign investors, and tightening of investor lending, had thrown cold water over an overheated market. The Real Estate Institute of Australia NSW president Malcolm Gunning said the investment in dwellings had peaked and growth is forecast to decrease to 4.5 per cent in 2017/18, compared to 8.0 per cent in 2016/17.
Leading Canterbury Bankstown agents though agree that there's no signs of a cooling off. Tony Roumanous, from Ray White Bankstown, says that while properties are not being sold for "the crazy" prices" they were this time last year, he was reluctant to label it as a cooling off of the market.
"I believe the buyer confidence is still out there, which is backed up by two factors; unemployment and interest rates," he said.
"Both are fairly low at the moment."
Mr Roumanous said the cap on foreign investment had little, if no effect in the area.
"The demographics of our area is not attracting foreign investment. There's a lot of hype out there, prices in our area haven't plateaued."
Having worked as a director at Chambers Fleming Professionals Padstow for over 15 years, Dean Owsnett has an in-depth knowledge of the area.
"There's no stagnation in the market in this area," Mr Owsnett said.
"In fact, it's the strongest we've seen it in years."
Mr Owsnett said the market remained healthy with families, with large backyards the major attraction.
"We don't encounter much foreign investment," he said.