Welcome to the Hill & Viteri Property Market Round Up for the July to September Quarter of 2021.
Or shall I call it the lockdown quarter!
Market Direction
Despite the logistical difficulties that the NSW Health Orders have presented, the local property market has continued to go from strength to strength.
Buyer Activity
On the front lines we have noticed that the number of buyers inspecting property is fewer. However that is to be expected in the current health climate. Interestingly this has not translated into a slow in prices or bidders vying for property.
So, I guess you could say that the buyers who are inspecting are indeed genuine buyers and the lookers who usually pad out the numbers are staying home.
The house market continues to fire with our Auctioneer Michael Virley from MVP reporting the auction clearance was 86% in this period with an average of 7.4 bidders. This is up from the previous quarters 82% and 6.3 average bidders despite the fact auctions are online due to current health orders. I note that volume was down approx 15%.
There were some really promising signs in the apartment market last quarter with the average price climbing approx 10%. Locally there was a real ceiling at $650,000 due to stamp duty concessions for first home buyers. However, what was a crack in the proverbial dam last the previous quarter turned into a flood this quarter.
An example of this is the sale of 9/55 Belmont Street, Sutherland by our own Chris Fellas. This two bedroom walk up sold for $800,000 setting a new record for an apartment without a lift.
Another example is 28/42 Merton Street, Sutherland selling for $702,000. This was two bed, one bath, one car. In April a 2, 1, 2 sold for $640,000. The team here cosmetically renovating the property on the behalf of an interstate owner to maximise the sale price!
Buyer Sentiment
So I would say currently we are in a sellers market in all sectors. However the lockdown is due to end in the coming weeks and we expect to see a large influx of property into the market which should stabilise prices with more choice for the present pool of buyers. But when does the Sydney Property market ever behave logically.
Rental Market Movements
In regards to the rental market. Unusually we have noted that both the rental and sale markets are heading north together. Typically they work in opposites. Similarly the apartment sector is improving and the house market is booming!
If you would like to know the new value of your property give the team or contact us via the website. You may be surprised just how much prices have moved this year.
Thank you for taking the time to watch our Quarterly Market Round Up. As always if you have any questions or require real estate assistance please don’t hesitate to contact the team.
The team at Hill & Viteri Property are than happy to help you with your real estate needs. Being an award winning Sutherland Shire agency Hill & Viteri Property always go above and beyond. If you’re thinking of selling or would like to be to kept in the loop, please reach out to the team on 9545 2220.
Watch our quarterly Round up here
