Well we have certainly all spent more time at home this year and for many of us, this has highlighted that we have either outgrown our current property or are simply ready for a bit of a change. We have seen many families utilising this extra time at home to complete upgrades and renovations to buy them a few more years in their current property. We have also seen many of our savvy clients take advantage of the low stock levels this year and through our experienced agents at Standen have capitalised on the pent up demand to achieve some very strong results.
Looking back at 2020 in the mirror, it was of course a difficult landscape to navigate in the first quarter as the pandemic devastated the world and everybody’s property plans were placed on hold. But once the Government’s ban on open for inspections & auctions were lifted, we saw confidence gradually begin to return to the property market despite the reduced level of housing stock available. The result, of course was increased buyer demand. Competition between buyers was back to usual with a greater number of properties being sold prior to auction as we saw buyers rushing to put their offers on the table in an attempt to take the property off the market prior to auction.
We have seen sellers also moving quickly, with many deciding to upsize to a property that fits their new “work from home” lifestyle or joining the new trend and relocating out of Sydney altogether now that working remoting has almost become the new norm.
Looking at the figures quickly, an overall property listings for the month of November in Sydney were at 31,000 properties listed compared to 32,000 properties for the same time last year. Sydney dwelling values are currently holding steady at just 3.7% below the record high of July 2017.
Auction clearance rates have certainly been reflecting the lack of housing stock available with a preliminary clearance rate of 79% for the first Saturday in December. Interestingly, that’s slightly up from 72% for the same weekend in 2019. Many are finding the record low interest rates currently holding at just 1%, an enticing proposition with most analysts agreeing there is little justification for a further rate cut and there’s unlikely to be an increase anytime soon either as the Government continues to focus on getting the economy back on track.
Locally, our market mirrors that of Greater Sydney but indications are that the market could surpass pre-Covid levels within the first few months of 2021 with experts predicting prices will no longer decline as initially forecast.
If you are planning to sell, buy or invest early in the new year, then now is the time to be thinking about the best way to proceed. Our agents at Standen offer comprehensive advice on when & how to get the best possible result in what will hopefully be a post-Covid market.
We would like to take this opportunity to thank you for your business and support this challenging year and I would like to wish you and your family a safe and happy holiday season.
We look forward to another year in assisting all of you in 2021.