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Market Report June 2021

By Rebecca Raynor

14k/15-19 Onslow Avenue, Elizabeth Bay

Market Update

Sydney’s property investors are back, buoyed by record low interest rates and a positive economic outlook.

The latest figures reveal a record 5.5% increase in housing finance in March, with investors leading the charge.

The Australian Bureau of Statistics figures reveal a solid 12.7% jump in investor loans, while loans to first-home buyers – which had been strong – fell slightly.

Banks have been overwhelmed by the demand, handling a record 64,300 mortgages in March compared with just 35,100 at the height of the pandemic in May last year.

Meanwhile, reaction to the recent budget – which offered several first home buyer incentives – has generally been positive, while largely upbeat economic forecasts have also buoyed the property market.

National figures show property prices rose 1.8% in April which is down on the three-decade high of 2.8%  for March, with experts pointing to a consolidation of prices.

“The slowdown is unsurprising given the rapid rate of growth over the past six months,” CoreLogic research director Tim Lawless recently told the Sydney Morning Herald (SMH).

“This isn’t to say housing values are about to reverse; a more likely scenario is the market is moving through a peak rate of growth and the pace of capital gains will gradually taper over coming months.”  CoreLogic expects property values to continue rising this year and in early 2022 but at a slower pace.

Apartment Appeal!

After months of hunting for houses, an increasing number of buyers are turning their attention to apartments.

While apartment values in our area have definitely risen in recent months, prices generally haven’t increased to the same extent as houses.

This is mainly due to the desire for more space and the rise of working from home due to the pandemic.

But as workers return to the office and house prices push out of the reach of many, buyers are increasingly looking to apartments.

Domain senior research analyst Nicola Powell believes this could push apartment prices up.

“I do think units have turned a corner and also think we’re going to see the pace of house price growth slow,” she told the SMH recently.

Outstanding “Out of Area” Sales

Don’t hesitate to talk to us if you are thinking of selling an out-of-area property.

Our sales team regularly sell in areas such as the inner east and west and even as far away as suburbs like Marsfield.

An impressive campaign we ran recently for a Bondi studio with no parking saw us achieve a staggering $1,010,000 auction result, more than $150,000 above reserve price.

Needless to say the vendor – who became a client after purchasing through us earlier in the year – was delighted with the result.

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