BUMPER End to 2020 Market!
Australia’s leading real estate marketing and analytical portal CoreLogic reports that the Sydney property market ended the year exceptionally well, especially considering the ongoing COVID19 pandemic and the moving feast it is turning out to be…
They report the pandemic has driven a year of record spending in the housing market, with figures showing more money was spent on houses and units in Sydney in 2020 than in 2019, prior to Corona.
With plenty of December sale results still to be declared and agents reporting an unusually busy late year run of auctions, property analysts said 2020 property spending was set to dwarf 2019 transactions.
CoreLogic data showed the total value of NSW sales over the year to September was already nearly 19 per cent higher than over the same period in 2019, while in Sydney it was 20 per cent higher.
CoreLogic head of research Tim Lawless noted the value of NSW transactions in the year to September represented the most real estate spending since 2017.
Mr Lawless attributed the big spending to a 13 per cent increase in NSW transactions for the year, while prices were about four per cent higher, on average.
“Considering the upturn in housing market conditions is gathering momentum, it’s highly likely home values and sales activity will end the year even higher … (and) move to new record highs in 2021,” Mr Lawless said.
Nerida Conisbee, realestate.com.au chief economist, attributes some of the heightened activity to increased time at home motivating people to bring forward their plans to upsize or downsize. She also said with international travel and many entertainment options unavailable, people were saving money, including first home buyers on deposits for property.
“A variety of stimulus measures, such as stamp duty discounts and grants for new purchases, gave the market an additional boost by encouraging first homebuyers”, Ms Conisbee said.
“A lot of good news came out for buyers, particularly in November, and the market has been going very strong since then.”
It all bodes very well, at this stage…time will tell, and it does demonstrate the resilience of the Australian property market; investing in Sydney property is a savvy way to grow your wealth, with minimal risk.
On behalf of the team at Laing+Simmons – Quakers Hill, we wish you a Happy New Year. May 2021 bring health, happiness and prosperity to you and your loved ones.