Why You Need to Buy Sydney Real Estate Now.
The hot topic on everyone’s lips is undoubtedly the COVID pandemic. But with all the volatility caused by the global epidemic, one industry that is faring much better than some is real estate. Notably, the Sydney real estate market that has seen the Residential Property Price Index increase by 6.1% this quarter, following a rise of 3.0% in the December quarter 2020. This is the largest quarterly rise in the Residential Property Price Index for Sydney since the June quarter 2015.1
Why is this important?
Because if you have a vested interest, or a view to be invested in the local market, it’s high time that you start moving! The Commonwealth Bank has forecast that Australia’s house prices will rise 16% over the next two years in what they’re calling a housing market boom.2
The price rises are primarily due to strong demand, increases in search volumes, fast sale rates and high levels of enquiry, so if you’re not active than you are likely missing out. At the time, I personally witnessed property purchases made in 2020 already increase in value of up to 10%.
Despite the positive sales experienced in Sydney real estate, some would have you believe that seller confidence has taken a hit due to the current COVID climate, however in my experience, a bevy of eager buyers await!
Serious Buyers Only
So, with all the questionable vulnerability in consumer confidence, why is Sydney real estate – residential, development, and commercial – staying strong?
- Search volume – one of the silver linings of lockdown is the time that is now available to for home buyers and investors to search online. Buyer searches increased by 3.3% across Australia in the week commencing 9th August and are now sitting 18.8% above last year’s levels.3
- High enquiry levels – July saw a 7.2% national increase in email enquiry to real estate agents4 again supported by the restrictions imposed by the pandemic. With open homes and travel outside of LGAs, buyers are relying on agents.
- Fast sale rates – The number of views per listing on realestate.com.au for properties available for sale in July 2021 increased by 4.9% over the month to be 46.1% higher year-on-year!4
What You Should Do Now
With borrowing costs remaining low (for the time being), and the demand for property still going strong, it is reasonable to expect a further increase in sale prices. If you are looking to buy perhaps it’s time to speak to an expert.
There are many factors to consider when purchasing and having the right professional by your side with local market knowledge will give you a competitive advantage. Furthermore, history has showed us that spring is a strong season for property sales and combined with the likelihood of some degree of COVID related restrictions, I expect that search volume will remain high, property demand will remain high, and sales will continue to go strong.
Where to Get the Right Advice
As a Buyers Agent with considerable experience and knowledge of the local market, I can help to arm you with the necessary information to make the ideal purchase. My bespoke service provides you with many advantages that those ‘doing it alone’ may miss out on, including complete due diligence and research prior to presentation of property options; tailored inspection options to suit your schedule; and exclusive off-market opportunities so you are always ‘first in’.
Together we can simplify the process, negotiate the best possible price, and provide you with peace of mind that when you turn the key in your new property, you are already a step ahead of the game.
The power of a plan is in implementation so as a qualified buyer, why not increase your chances of buying the best and buying fast?
Please contact me on +61(0)414 247 301 or email [email protected]. You can also find out more about me and my services at www.judithfedak.com.au
Judith Fedak
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References
1) Australian Bureau of Statistics, 15 June 2021, 16 August 2021, <https://www.abs.gov.au/>
2) Gord Collins, 18 July 2021, Manage Casa, 16 August 2021, <https://managecasa.com/articles/australia-housing-market/>
3) Anne Flaherty, 16 Aug 2021, realestate.com.au, 16 August 2021, <https://www.realestate.com.au/>
3) Cameron Kusher, August 2021, REA Insights Housing Market Indicators Report August 2021, 16 August 2021, <https://rea3.irmau.com/>
