In a word, yes.
Stock levels are down by 30% - 40% at the present time, compared with the stock levels that we've had for the past two years. While some would say that it is definitely a sellers market and that buyers should beware, there is another view.
The property market in Sydney continues to climb. Capital growth has been around 7% for the past year. While it might be costly to enter or trade in the current market, the reality is that time is ticking by. The property that you're holding off on buying is only going to go up - and you're missing that capital growth! There are few asset classes that increase by 7% per annum - that's not taking into account the rental yield - with very low risks (if purchased well).
In 6 months, 12 months, 2 years, we're still going to be lamenting that Sydney prices are so high - but they're only going to keep going up. Do you really want to stay out of the market waiting for the impossible to happen? Buy when you are able to - if you can't afford to buy where you want to live, then consider rentvesting.
Our stock levels are down, and vendors are doing well. You could also be doing well - by holding a property that is increasing in value at this crazy property time.