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Property Market News
Joshua
Sydney
Sydney home seekers’ chances of getting a lockdown bargain have evaporated in the face of another surge of buyer demand.
Property sales data has revealed house hunters are facing even more competition at auction than they were before the city lockdown began, despite the weaker economy and restrictions on movement. The average home selling at auction has delivered the vendors a price $150,000 over the reserve, an incredible jump considering agent reports of vendors inflating their expectations to “ridiculous” levels. It was one of only 10 available houses in what’s normally one of the Sydney suburbs with the highest volume of sales.
Properties were also selling faster during lockdown – partly because of a mass of sellers pulling their properties from the market, leaving buyers with fewer homes to choose from.
Continue reading at: x
Property boom in lockdown? Chances of a Covid-era ...
Lockdown has brought the Sydney economy to its knees but competition for homes has actually been increasing and prices have soared, but there’s an unsettling trend behind recent rises.
www.realestate.com.au
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133 Views
3D ago
James
City
The latest figures from CoreLogic showed that 2,077 auctions are scheduled across combined capital cities in the week ending 1 August, up 20 per cent on last week’s final figures at 1,728 and also higher than last year’s 1,154.
Of the capital cities, Melbourne remains on top, with the highest number of homes set to go under the hammer at 909 – rising 18 per cent on last week’s volumes following the city’s emergence from its fifth lockdown.
Sydney also continues to show strength despite remaining in lockdown, with a 23 per cent week-on-week rise on scheduled auction volumes to 721 from last week’s 585. Final auction clearance rates fell over the past week as multiple cities struggled through lockdowns, including Sydney, Melbourne and Adelaide.
CoreLogic revealed a final auction clearance rate of 73 per cent out of 1,728 auctions over the week ending 18 July – declining from last week’s 73.7 per cent when a higher 2,097 auctions were held. Get details at: x
Less lockdowns lead the way for auction recovery
Capital city auction activity is expected to rise over this weekend as some cities see lockdown measures ease, new data has revealed.
www.smartpropertyinvestment.com.au
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17 Views
4D ago
James
Sydney
City regions where prices are poised to continue marching upwards, despite the lockdown restrictions and tense economic environment, included the northern beaches and eastern suburbs.
Buyer demand in these regions continues to outweigh housing supply and competition for listings remains tight, sales data showed. Conditions have been different in parts of the north shore, Ryde area, Blacktown and Central Coast, where a bump in listings and softer demand has helped cool the local markets. The slowdown was most apparent in the Blacktown region, where prices ballooned by an average of 3 per cent in March but slowed to 1.6 per cent in June. Preliminary indicators suggested a further slowing would occur in July. Continue reading at: x
Price growth: Sydney’s extended lockdown has mix...
Sydney’s extended lockdown has actually boosted most property markets, but there are also some areas where once rampant price growth has begun to slow.
www.realestate.com.au
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21 Views
6D ago
Anuj
Sydney
Buyers competing for property at virtual auctions have doubled since lockdown started last month. It comes as new listings have declined with many sellers reluctant to sell, despite strong confidence among buyers. “While market confidence is different, I don’t think anyone expected bidders at auctions to soar by this much in a lockdown,” she said.
“Buyers have found the process of taking part at an online auction to be much easier than an in person event, but also there is a lot of confidence out there.” “Lockdown will push up house prices at a much faster rate than what Sydney was expected to have.”
Get details at: x
Sydney auctions: Auction registrations double as l...
Sydney’s Covid-19 lockdown has had an unexpected impact on the number of bidders at auctions as experts predict the end of stay at home orders will be bad news for buyers.
www.realestate.com.au
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230 Views
6D ago
InvestAus
Federal
Managing the housing delivery systems as we come out of the pandemic will require a better grasp of policy impacts if Australia is not going to fail residents in their goals across the cities and regions. Our system of local, state and federal governments presents the biggest challenge. A recent study by the Australian Housing and Urban Research Institute (AHURI) noted the assignment of policy responsibilities and functions within a geographically large federal system must take into account the functional nature of our systems.
The Federal Government seems content to bask in the glory of the numbers who take up their housing initiatives. Federal Housing Minister Michael Sukkar boasts about the take-up of the first homebuyer low deposit scheme, along with the HomeBuilder scheme, but without any subsequent advised oversight and review of what is a dynamic but fraught marketplace. Continue reading at: x
Government support needed on all levels if propert...
OPINION: Managing the housing delivery systems as we come out of the pandemic will require a better grasp of policy impacts if Australia is not going to fail residents.
www.realestate.com.au
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212 Views
6D ago
InvestAus
Sydney
Like the rest of Sydney’s property prices, the prime real estate market has continued to rise in 2021.
According to new research by Knight Frank, Sydney actually outpaced earlier expectations for growth by more than double their original expectations. This new figure puts Sydney ahead of other global capitals covered in Knight Frank’s Global Prime Price forecasts, such as Los Angeles, Hong Kong, Paris, Geneva, Auckland, Miami and London.
Knight Frank Australia’s head of residential research, Michelle Ciesielski, noted that Sydney’s prime residential property market has recorded positive annual price growth every quarter since March 2013. She said that this trend demonstrates an ongoing undersupply of luxury prestige homes being built relative to Sydney’s ‘ultra-wealthy’ population. Continue reading at: x
Sydney’s prime property outpaces forecasts to ta...
Double-digit growth has put Sydney well ahead of the rest when it comes to luxury real estate.
www.smartpropertyinvestment.com.au
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207 Views
13D ago
InvestAus
Sydney
Extended lockdown has failed to extinguish Sydney’s housing boom and may even be adding further fuel to the red hot market.
Experts revealed competition for real estate has been ramping up since the lockdown started because of fewer homeowners listing their homes for sale at a time of still elevated demand. The conditions put pressure on buyers to offer higher prices and agents reported “ferocious bidding” at weekend auctions. The preliminary auction clearance rate for the 780-odd properties scheduled to go to under the hammer was 77 per cent, according to CoreLogic.
The bulk of the properties that did not sell were withdrawn from auction prior to bidding, with only 29 auctions passing in.
My Housing Market economist Andrew Wilson said the lockdown created a sense of “trepidation” in sellers but not buyers. Continue reading at: x
Sydney in lockdown: ‘FOMO’ intensifies as rest...
Extended lockdown and restrictions on home buyer activity have failed to cool the current boom in property prices and sellers have actually been cashing in.
www.realestate.com.au
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282 Views
16D ago
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