Properties Remain in Demand
Currently in the middle of a tight government lockdown, interest in property remains in high demand. Vendors, buyers and renters alike continue to show up at open homes.
In-person auctions are currently off-limits, while property inspections are available via private appointments and limited to one person only. These restrictions have slowed the way we conduct business, but as the data shows, interest in property has increased at record rates.
Sydney house prices have now increased by 2,053 percent, or more than $200,000, in just six months—the fastest six-month increase since 1988. According to the CoreLogic Hedonic Home Value Index, Sydney’s June price rise equated to an increase of $1266 per day.
Because of current restrictions, our team is tasked with facilitating longer processing times during property inspections. Thankfully for our property owners, the total number of prospective tenants interested in our listings is steady and healthy.
Vendors must currently weigh up their options when deciding the best way forward for new listings. Presently, the best strategy is for our team is to determine a price range and take offers. Auctions are always a positive alternative for the right vendor and property when lockdown laws permit.
As always, our friendly team is always here to help and provide advice. Please contact us should you have any questions.