Everything you need to know about what's been happening this month in property, summarised.
It's been a fiery start to 2021 for the Sydney property market with the hangover from the COVID19 pandemic still being felt in different ways across the market.
Currently there are a number of factors that are pushing and pulling the market in different directions, however for the most part it is fair to say that buyer demand is strong, stock levels are low which is seeing steady competition in the market.
The main factors currently influencing the market include:
- Low interest rates,
- Pent up demand,
- Government Stimulus,
- New COVID outbreaks,
- Falling Immigration,
- Rising unemployment,
- Scaling back of government assistance.
One of the most important things to note when considering market conditions is that everyone has experienced the COVID19 Pandemic differently.
Some are thriving, and some are in a position where they have never been more challenged.
Interestingly, since the beginning of the pandemic, certain rural and regional centres have experienced significant price growth. Austinmer, just 70km south of Sydney, has experienced a 40% increase in prices. While Byron Bay on the Far North Coast has experienced an increase of 39%.
Pent up demand in Sydney is pushing prices up, with Off Market properties trading quickly often with the help of Buyer's Agents. The number of properties that are actually hitting the market are down 18%, as at January 10th.
Based on these conditions, the Reserve Bank of Australia has recently indicated that favorable market conditions could see property prices increase by as much as 30% over the course of the next three years.
This prediction obviously provides a huge benefit to existing home owners, and those who are able to get into the market early in 2021.
Looking for your dream home? So are we.
Get in touch with us today to see how we can help you get into this market and take advantage of these market conditions.
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