Welcome to our roundup of the latest Sydney property news. Whether you’re poised to sell in spring or you’re just keeping an eye on the trends, keep reading. We’ve got the lowdown on short-term Sydney property news and the longer-term trends shaping the market.
The Sydney property market has proven itself to be incredibly resilient despite lengthy lockdowns in 2020 and now in 2021. Overall, the market in Sydney rose 18% over the past year and it’s not set to slow down! Keep reading to discover the latest Sydney property news and hear our expert advice on what we can expect to see happening later this year and into 2022.
Where does the Sydney property market stand now?
At the moment, low interest rates and government tax cuts are maintaining buyer activity in the market. Yet there isn’t a huge range of available properties in every Sydney suburb, especially in-demand areas. Some buyers may be holding off until the lockdown is eased and they can attend real-life inspections and auctions. It’s also difficult to know what life after such a prolonged lockdown will look like as we attempt to live with the virus.
Yet, with Sydneysiders due to enjoy relaxed restrictions in late October, consumer confidence should pick up. Those sellers who have been waiting to list their properties will take the plunge this spring. In turn, there should more opportunities for buyers.
What is trending in the Sydney property market now?
So, what kinds of properties should sellers be listing now, or should they even be selling at all? Well, the upcoming spring season is likely to see renewed consumer confidence and more buyers entering the market. As more stock hits the market this will entice buyers to intensify their search for a property.
In the long term, supply is struggling to keep up with demand in Sydney. In fact, demand hit record levels in Sydney in August, and auction clearance rates are at a healthy 84%, both strong indicators that prices will continue to rise in the future.
Prices have grown in 94% of Sydney suburbs in the past two years, but not all suburbs have been equal. Alexandria was the suburb that experienced the most growth, with a 30.6% surge in prices. And houses are outperforming apartments, with limited space and supply in popular Sydney suburbs driving prices upwards.
Boutique Property Agents Director, Tolga Ozer, has noticed that buyers are definitely looking for more space during the lockdown. “We’re seeing that houses are definitely more popular than units at the moment,” he said.
What are buyers looking for at the moment?
Changing lifestyle factors means that many buyers are looking for high-value versatile homes. That might mean properties with additional rooms that could serve interchangeably as a spare room, home office, or, for growing families, a children’s room.
Above all, Tolga says, buyers are seeking value, even if it means moving to different areas of the city. “We’re seeing downsizers from Sydney’s North Shore and Northern suburbs look towards properties in the CBD due to affordability and access. Having more ‘space’ in apartment living is also a positive,” said Tolga. Therefore, if you’re looking to sell an apartment, anything you can do to make your spaces look bright, airy, and spacious will only help sell your property more quickly.
What does the future of the Sydney property market look like?
So, what’s the biggest Sydney property news of the moment? Well, this spring season, as soon as the lockdown lifts, we believe there will be an increase in market activity due to pent-up buyer demand.
Tolga expects the market to make up for lost time – similar to what occurred following Melbourne’s extended lock-down last year.
“The number of listings in August has fallen to a record low as vendors have been reluctant to list their properties due to the uncertainty of the lockdown which is likely to exacerbate the shortage of supply. We predict an increase in supply around November and December as restrictions ease.”
Following the lockdown, however, there may come a time where sellers outnumber buyers as a result of the financial impact during this extended lockdown period.
For that reason, we recommend that sellers don’t wait too long before listing. As the market picks up, it may take longer to sell your property due to increased competition.
Additionally, keep in mind that listing a property does require some preparation. Following actually adding your listing, the selling process may take a number of weeks or even months, depending on your property type, how you’re selling your home, and what demand is like in your particular area.
It’s also important to note that there are several sub-markets within the Sydney property market. If you’re considering selling, you should monitor Sydney property news regularly, do your research, and stay updated about any specific areas you’re interested in. Ready to sell? Contact us today.
Or, if you’re not quite ready yet but you still want to stay in the loop, get your dose of regular Sydney property news here.