Sydney plagued with risky renos
Amanda and Mark Baddock, with their kids, recently refinanced to do a renovation. Picture: Damian Shaw
Sydney was described as Australia’s “flipping capital” and had three times as many flips – transactions where the sellers held the property for less than a year – than other capitals, including Melbourne.And close to 5 per cent of all Sydney units traded last year were owned for less than 12 months before the sellers offloaded them.
But more recent buyers attempting flips faced a different market – prices have dropped for three successive months and many homes going to auction are being withdrawn due to lack of buyer interest. “Rising interest rates could create issues this year and some developers will want to get those properties off their books,” Mr Clark said.Much of Sydney’s recent flipping activity was concentrated in the city’s southwest and inner suburbs.
“If you try to buy quickly you usually won’t get the best deal and it’s even harder when the market is moving quickly upwards … it’s also hard to sell quickly for a good deal.”
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