With the recent lockdown restrictions being set in place, and with no clear idea when they will be removed, it is essential that we understand that this is the new business as usual. Understandably these recent restrictions and media coverage have delayed many people’s property plans which is exactly what happened at the beginning of 2020. The difference here is that the general public is more acclimatised to the lockdown process, in my opinion, and are therefore more accommodating and adaptive to the process.
For the real estate sector, the biggest change has been the move from the traditional open home process and public auctions to private showings and online auctions by invitation only. Overall, this has created a “quality over quantity” approach to the marketing of properties, and has also given rise to off market campaigns whereby agents market properties directly to clients already qualified and in their database.
In terms of properties coming to the market, and the flow of inventory, there has certainly been an evident reduction however, this will begin to rise again as the market absorbs and adapts in time. The positive for this remains the same as was noticeable from the final quarter of last year is that the low supply will not be able to cater for the high demand and thus competition will remain high for the properties which do come to market.
It is important to note that during the month of July, whereby these new restrictions were set in place, Sydney housing values increased by 2% creating an annual change of 18.2% according to CoreLogic. This is a clear indication of a highly active buyer pool which remains undeterred by current affairs.
For our local market we are continuing to see excellent results occur regardless of media coverage and revised restrictions. Notable sales of the month of July include, but are not limited to:
- 5 Waterloo Road, North Epping $3,011,000
- 34 Stanley Road, Epping $2,630,000
- 19 Devon Street, North Epping $1,780,000
- 4 Raidell Place, North Epping $2,700,000
- 21 Knox Avenue, Epping $2,188,000
- 38 Barombah Road, Epping $2,230,000
It is therefore important to recognise is that this is normality for the foreseeable future and that by adapting to the conditions there remains excellent opportunities to realise your property goals.
If you’ve been holding out for a new price appraisal, now is the time to ask by contacting Peter Hunt on 0434 821 219