• September 1, 2020

We close out the final month of winter for 2020 with the local property market holding firm. While we detected minor price adjustments during the month, almost all property continued to trade within the four-week sales campaign and quality property continued to attract strong buying demand. The overall clearance rate for Sydney hovered either side of the 50% mark for the month yet suburbs positioned on the inner fringe of the CBD are performing above those in the outer ring of Sydney.

17 Charlotte Street, Lilyfield

We analysed a number of properties that traded during the boom market conditions of 2016 and 2017 and subsequently re-sold again over the past month. In most cases what we found was that the prices achieved in the two markets were essentially the same. Interestingly, the 2016/17 market was considered one of the hottest in Sydney’s property history and yet here we are today still achieving the same price outcomes and the mood certainly feels very different. If you’re a glass is half full person, you’d look at current prices as being a great outcome given what’s unfolded this year yet a glass half empty person may perceive no price growth in several years as being a negative outcome.

147 Park Avenue, Ashfield

Throughout August we were fortunate enough to list some outstanding real estate as many sellers aimed to get a jump on the spring market. We sold just over $70m of property for the month across 17 different suburbs as our market footprint continues to expand. We had many conversations with clients regarding the current conditions and discovered that they were moving for a variety of reasons. One particular reason that popped up often was people leaving Sydney altogether and heading to places like Mudgee, Orange, Bega, Bowral, Kiama and all the way to Byron Bay. We’re seeing the real impact of COVID as many people are resigned to working remotely, opening up lifestyle property corridors which previously seemed a bridge, freeway or set of traffic lights too far. It will be interesting to see if this trend continues or whether this movement will settle down.

62 Gueudecourt Avenue, Earlwood

Fortunately, it’s not a mass exodus and we still have a healthy supply of buyers keen to get into the local market. We averaged 2.5 active buyers interested in each listing for the month, which continues to provide sellers with the ability to strike a fair sale outcome. Looking ahead into the spring market, we anticipate September will see a steady stream of new property listed but we’re certainly not expecting a flood of buying opportunities. We may see an increase in selling activity in October and November which would replicate the market activity of 2018 and 2019 however if 2020 is true to form, we could be in for a few more unexpected twists and turns.

13 Hezlet Street, Chiswick

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