NSW Market Update: January 2021
The Sydney property market is enjoying a strong upswing, with home values rising 0.4% in November 2020, taking the annual price gains to 3.7%.
According to the Real Estate Institute of NSW (REINSW), the lead up to Christmas was vibrant with auction clearance rates holding firm and volumes strong. Buyers across all demographics have been out in force, spurred on by affordable finance, with plenty of properties selling prior to auction and all quality listings attracting substantial interest.
REINSW says demand is easily outstripping supply, and this is precisely the type of environment that could see new records set. The REINSW expects to see the market recovery continue on a steady, sustainable track in 2021.
Across regional NSW, property values climbed 7.0% in 2020 – around double the gains recorded in Sydney. In the three months to November, sale volumes rose by a massive 14.2%, highlighting the pandemic-fuelled trend to decentralisation.
With overseas holidays off the agenda for some time, REINSW is expecting more people will consider buying a holiday home this summer, which will further add to demand for regional properties, and have a positive impact on values. It will also mean home values in traditional vacation areas become less susceptible to seasonal shifts.
As we head into the New Year with home loan rates at historic lows, and the prospect of rising property prices in 2021, now is the time to put your property plans in place. Call me today to set the wheels in motion, and take advantage of a market that still offers the potential for bargain buying.