Sydney Property Market
While the price of property in regional Australia grew three times as fast as expected at 8.8%, prices in Sydney in 2020 increased on average by 4%. In 2021, we expect this trend to grow.
At the height of the virus prices did fall, but as of mid January this year we see a visible up in the market.
Withstanding the pandemic were many different types of properties and suburbs. Inner-city spots with thriving communities, such as Potts Point and other eastern suburbs, remained steady. Properties with recent renovations and contemporary interior styling, also remained in demand.
At the lower end of the rental market, renters shifted from studio apartments to one bedrooms, as prices fell. At the higher end, although we saw some drops is price, median prices remained more regular.
As of January 2021, demand is returning to all property types in popular areas. In the sales market, off-market properties still remain common, as well as owner-occupier.