25 Rossford Ave, Jannali sold at Auction in October 2020
25 Rossford Ave, Jannali sold at Auction in October 2020 by Hill & Viteri Property

Hill & Viteri Property Market Round-Up 2020

The Hill & Viteri Property Quarterly Market Round-Up is our review of the local property market in October – December 2020 brought to you by our Principal Sebastian Viteri.

The final quarter of the 2020 year has seen confidence grow with buyers, who had been sitting on the sidelines re-emerging.

The surrounding COVID-19 , now fading in the minds of buyers who have seen the market prices correct to pre-election 2019 levels.

Market Direction

In the housing sector, it appears that pricess bottomed out and are now recovering. We noted that in October, we had sale with 10 or more register to bid.

The standout example being 25 Rossford Ave, Jannali pictured above. This property sold $200,000 over back with 25 registered bidders vying for the property at Auction.

In my view, the strata sector will follow suit. It was pleasing to see some recent apartment sales, which is bechmark over the last sales. It is not like to keep pace with the housing sector unless investors return.

The market is title north and in what I would call the recovery phase of the cylce. I would say the housing sector has now moved to a sellers market. And the strata sector a normal market.

Buyer Activity

Buyer activity was very improved in last quarter. The number of buyers through open homes has increased . As to did the number of average registrations at Sale. Michael Virley from MVP Auctions reported, the clearance rates returned to the 80% band locally.

Buyer Sentiment

There are some buyers alerts about the market, and investors especially. Those looking for a home are active and the general feeling from buyers is that now is the time to buy. Low interest rates combined with govertment incentives have powerd the market.

Hill & Viteri Property Quarterly Market Round-Up Property Prices

Many property observers have changed their view on the market. Most now seeing a 4-11% increase in Sydney prices in 2021.

There are some placing caveats on this with factors like the removal of government reaction and effective control of COVID-19. It having the potential to impact the current direction of the market.

In regards to our local real estate market, take a look at latest video!

We hope you have enjoyed the Hill & Viteri Property Quarterly Market Round Up October – Decmeber 2020.  Stay tuned for our next review.

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