Despite disruption from lockdown, Sydney property values continue to rise, albeit at a slower rate than we have been experiencing.
According to CoreLogic data, days on market have increased marginally and auction clearance rates continue to perform well.
The annual property growth rate at the moment, in monetary terms, nationally, equates to approximately a $1990 per week rise in dwelling values. Wow! My thoughts are with First Home Buyers.
Low advertised stock levels, continued buyer demand and the resulting rapid rate of absorption of those available properties. Is certainly contributing to the continued upward pressure on housing prices.
Current data for Sydney shows an annual change in dwelling values of20.9%. That’s significant double-digit price growth.
When restrictions ease, listings will likely rise. A https://console.cloud.google.com/identity/serviceaccounts?project=dural-chamber-pjrvcombination of Springseasonal activity and pent-up supply from a time of uncertainty off the back of continued lockdowns.
However, if as a result of continued affordability constraints or possible credit tightening, we see less demand from buyers, so increased supply, less demand, this too may impact property prices.
While Simon Pressley, Propertyology, expects the Boom to continue well into 2022. 9News ran an article titled ‘Affluent Sydney suburbs on the brink of mortgage defaults’. Modelling by Digital Finance Analytics, Principal MartinNorth warns of Sydney suburbs “on the brink of mortgage hell”.The juxtapositions just keep-a -coming.
For now, despite this global pandemic, continued lockdowns and talks of grim times ahead, Sydney property continues to appreciate very nicely. Happy days for those already on the property ladder.