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Real estate mogul John McGrath says home seekers should try not to ‘panic’ in boom market



John Mcgrath

John McGrath said it was one of the strongest markets he had ever seen. Picture: John Feder

Home prices may be skyrocketing at levels rarely seen in Sydney’s history but the worst thing buyers in this market can do is “panic”, real estate veteran and McGrath Estate Agents founder John McGrath claims.

Mr McGrath told The Daily Telegraph it was natural for buyers to develop a sense of FOMO, or fear of missing out, when seeing 10 or more bidders vying for a home at auction but cautioned buyers needed to be careful.

“You don’t want to stretch yourself,” he said. “If you can’t afford the prices any more, you need to change location. It’s best to be flexible in this market.”

MORE: $40m boat shed for sale on Sydney Harbour

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