NSW: With no end in sight to Sydney’s Covid lockdown, buyers are settling into the new way of doing business

Read detailed article at: x ANZ: Aussie property prices to surge 20% ANZ has revised its Australian property price forecasts and now expects dwelling values to rise by more than 20% in 2021 followed by 7% growth in 2022: Property prices are expected to rise 24 per cent... www.macrobusiness.com.au

A recent study by STRAND Property Group showed the median house price in the Northern Beaches region has been rising by $10,000 weekly so far this year. In fact, over the first half of the year, the median price of houses in the region have increased by $290,000, representing a 15.1% increase to $2.21m. Five suburbs have driven the overall uptrend in the Northern Beaches, which include Allambie Heights, Curl Curl, Collaroy Plateau, North Manly, and North Balgowlah. Of the best-performing suburbs, Curl Curl hit the highest growth in median prices over the first half of the year at 24.7% to $3.28m. "However, demand from buyers to purchase in Allambie Heights remains extremely high, as it does in Collaroy Plateau, North Manly and North Balgowlah. Get details at: x Top five suburbs to watch out for in Sydney's Nort... Dwelling prices in these suburbs have been rising consistently since the year started. www.yourinvestmentpropertymag.com.au

The same lockdown restrictions that have driven Sydneysiders indoors are also driving a return to online auctions.While one-on-one private inspections are exempted under the current restrictions, physical auctions are not allowed to take place. The Real Estate Institute of NSW said this forced shift to online auctions has been critical in helping Sydney’s property market maintain a high clearance rate, despite the dire conditions. “Back in the first lockdown, it was new, and while it is still new for some people, they are at least peripherally aware of online auctions and realise it is a perfectly legitimate and transparent way to buy,” he said.Mr White believes that the recent downturn in listings volume represents an opportunity for the market. Commenting on the persistence of Sydney’s property market in the face of lockdown restrictions, Mr Axford said that “buyers haven’t disappeared like last time, although there is some hesitancy from new sellers when really there shouldn’t be”. Get details at: x Lockdowns drive rise in online auctions for NSW Sydney’s sellers have moved to make the most of the current circumstances by embracing online auctions. www.smartpropertyinvestment.com.au

Sydney’s vacancy rate has dropped 0.2 per cent to 2.9 per cent over July - the third consecutive monthly drop, latest figures from the Real Estate Institute of New South Wales (REINSW) revealed. This month’s results brings Sydney’s vacancy rate 1.4 per cent lower than the 4.3 per cent April high. “The last 18 months have been a rollercoaster ride of ups and downs across the metropolitan area, leaving landlords and tenants alike doing their best to respond to unpredictable market conditions,” Mr McKibbin said. “This unpredictability will likely continue as we see the impact of this current lockdown trickle through to vacancy rate figures in the coming months.” While Wollongong’s rental vacancy rate remained stable at 1.4 per cent, Newcastle witnessed an increase of 2.4 per cent to a record high of 4 per cent - the highest level since September 2015. Continue reading at: x Sydney rental market tightens amid lockdown Despite going in and out of lockdowns over the past year, Sydney’s rental market has maintained resilience, with rental vacancies dropping across parts of the city. www.smartpropertyinvestment.com.au

Prestige suburbs such as Point Piper, Kirribilli, ­Birchgrove and North Bondi recorded some of the greatest declines in rental prices in the past year of up to 33 per cent, new data from ­realestate.com.au has revealed. Many inner-city suburbs were hit hard by the pandemic due to lockdowns, border closures and an increase in demand for fringe and regional areas. Point Piper, Birchgrove, Paddington and Kirribilli were all inner-ring suburbs where unit tenants are renting for cheaper than a year ago. Rental values plunged 33.33 per cent in Point Piper to $1000 per week, while Kirribilli recorded a 20 per cent decline. Continue reading at:x Inner city suburbs offer renters the best bang for... Some of Sydney’s most desirable suburbs are offering renters unbeatable deals, as experts warn tenants are fast running out of time to secure a good price. www.realestate.com.au

With Sydney’s property market in lockdown, more and more investors in NSW are turning towards the capital of the Northern Territory as a potential alternative. According to Raine & Horne Darwin, the return of restrictions in the Greater Sydney area has coincided with a surge of interest from NSW-based property investors. “Previously, investors were ignoring vacant apartments or those nearing the end of a lease. But with rents in Darwin and Palmerston going through the roof, they are now popular with savvy investors,” he said. Mr Grantham said that NSW investors “have identified that Darwin property is offering not only excellent growth prospects but also investment yields above 7 per cent compared to Sydney, where it’s particularly challenging to find a 3 per cent return”.  Read details at: x Lockdown-envy cited as Sydney property investors t... Sydney might be locked down, but the NSW property investors are always on the lookout for the next hotspot. www.smartpropertyinvestment.com.au