With interest rates near zero, the economy injected with massive amounts of stimulus and hope in sight for the fight against Coronavirus, confidence is returning to the property market and prices have started to rise once again.
It has been exactly one year since the first cases of the virus were officiated and also the day that the Pfizer vaccine has been approved for distribution in Australia.
The biggest change we are starting to see is the price increase of property within Sydney’s CBD. Here, prices are definitely increasing. Office workers have begun to slowly refill office spaces and the transport system and streets are looking more and more vibrant and back on track to their busy norms.
If we take a look further away from the CBD, to the east for example, housing prices have relatively remained unaffected, but we are beginning to see increases there as well.
In our local community of Potts Point, day-to-day continues to flourish. Although some properties have lacked some interest from renters, rentals in general have remained popular in the area throughout the epidemic. Everything is still open, people still go to restaurants, bars are popular, local services are still in operation, so the interest is here.
Albeit a slow start, interest in sales has returned. Property owners are looking to the future for investment and new property buyers have new confidence in the market.