Hill & Viteri Property Market Round Up April – June 2021
Welcome to the Hill & Viteri Property Market Round Up for the April to June Quarter of 2021.
This quarter has continued in the fashion of the previous quarter with arguably the strongest housing market ever seen locally.
Market Direction
Notably differences on the front lines were less buyers attending open homes and the number of registered bidders on average dropping. However, clearance rates remained at an extremely high level with prices stronger in the majority of cases.
Buyer Sentiment
We did notice that in some of the less desirable properties in terms of location or detracting features that buyers became a little more selective. These properties are selling below the comparative sales. But for properties that were attractive in the eyes of buyers they continued to have high interest and sell north of the last comparative sale.
Buyer Activity
The volume of property coming to market in this period remained high with the rate of absorption keeping pace. Presently there are a little over 500 properties for sale in the Shire which is towards the low end for available stock. Despite the pool of buyers thinning, the low stock on market is keeping conditions competitive.
Property Prices
Now the house and strata markets still have some noticeable differences. But the good news is that strata has followed suit as predicted and prices have picked up. An example of this was the auction of 7/398 Port Hacking Road, Caringbah. This property selling at auction with 6 bidders vying for it and ultimately selling for $1,175,000 which was $150,000-$200,000 over the comparative sales.
In the housing market the demand for entry level housing has remained the strongest in our local area. A great example of this being 3 Lola Place, Miranda. This three bedroom red brick house having 7 bidders compete for it and sell for $1,767,000 under the hammer which was approximately $250,000 over comparable sales in the suburb.
So, I would say at this time the local property market is strong but at the time of filming we had entered a 14 day Lock Down due to Covid. Now the team here will likely exchange 7 properties this week at excellent prices. So whilst the underlying conditions haven’t changed the logistical issues of a lock down will likely slow the activity. Time will tell if this dents consumer confidence.
Rental Market
In regards to the rental market. Leigh Anderson, our head of Property Management has made the following observations in the rental market. ‘The apartment market has continued to soften with the trend of tenants buying ongoing. The supply demand dynamics here seeing less tenants and more properties available. Houses on the other hand, especially four and five bedroom family homes are in strong demand and returns here have improved again. In this part of the market there is more demand than supply.’
Now for the shameless plug, yes the market is strong but some agents know how to handle the conditions better than others which enable their clients to sell for more. Those who know real estate sales know that the best and most economical choice when selling real estate is the agent who can sell property for the highest price.
Thank you for taking the time to watch our Quarterly Market Round Up.
Watch our market round up below.
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.
