The market continues to perform well overall despite Covid. This shows an underlying resilience to both local and global factors in the robust Sydney market. Some properties however, are performing better than others.
Quality properties in good locations have not come down in value, and in some cases record sale prices are still being achieved. What this means is that because the market has come off the boil, buyers are in a position where they can afford to be fussy and hold out for a home that ticks all the boxes rather than just a couple.
The competition is more concentrated on fewer listings rather than across all the homes up for sale. In February we had a larger number of buyers but these buyers would compete for a larger percentage of the homes for sale. If a buyer missed out they would quickly seek out another property even if it didn't tick all the boxes for them, as there was a fear of missing out in the rising market. Now we are finding the buyers are focused on one listing at a time and are looking to tick all the boxes resulting in a number of premium sales and price records. A great example of this is that since Covid suburb records have been broken in Rosebery, Chifley and on the weekend Theo and Nick in our company broke the Pagewood record selling 27 Birdwood Avenue at auction for a price which was confidential.
This is great news for sellers who have a quality house to sell, and highlights the potential reward for those vendors who are prepared to put the time, effort and a few dollars into presentation when going to market. For buyers, now is a fantastic time to broaden your criteria and seek-out value based deals. If you are looking to sell read my blog post "How to easily and quickly add 10% to your sale price when selling"
Stock levels have not increased as we once predicted, and overall buyer numbers have not dropped either, however many are in the process of arranging finance which is taking longer. I would rate the market between fair and good. Anything sub $1.3m is getting the attention of first home buyers, who are out in large numbers. I say that the strongest sector are houses priced between $2.5m and $3.5m and I put this down to the fact that the buyers at this level have often sold their own property and they are looking at this purchase in relative terms, they are less likely to accept renting as an option, and they have also experienced two or more growth cycles themselves therefor aren't as vulnerable within a negative media environment.
See the below links which show exactly how the rest of the market has performed over the last 90 days, including all the off-market results you will not see online.
Council Sales Reports- See what's been selling during Covid;
Billy Couldwell Licensed Sales Agent 0416713721 billy@ngfarah.com.au