July Real Estate Wrap Up
We are halfway into 2020 and what a tough year it has been! You may be feeling confused and concerned about the current and future state of the market. With all the negative press on Real Estate, there is definitely some good that we’d like to share with you so you can make a better informed decision whether now is the time to Sell or Lease out your property.
Media reporters had stated that they expect property prices to decline up to 30% this year which seems to be hugely exaggerated when analysing the current trends. Since the beginning of COVID-19 property prices have recorded to drop by only 2.2% across Sydney, yet still 13.3% up on this time last year! The stabilizing in prices is most likely due to the fact that property listings are 35% lower compared to year-on-year.
Another positive is that there is still high buyer’s demand for property, data from realestate.com.au has indicated interactions on listings by engaged buyers has increased by 100.8% in the last 9 weeks, up by 33.8% compared to last year. Likely due to so little stock on the market that buyers are assessing each property to find their dream home.
Our highest sale for the month was 69 Carrington Pde, Curl Curl for $3,240,000, with over 170 prospective buyers through the campaign, there is still many families out there searching for their dream home, which is a great sign.
An influx of first home buyers keen to secure a low interest rates and the government launching new grants and schemes, means there is a huge opportunity for Australians to secure their first home. There is definitely a large market for apartments under $800,000 currently.
When the bank concludes the loan deferment plan we expect to see a rise of properties coming to the market again, so now could be the time to sell whilst there is little supply and get a successful sales price without the competition.
The rental market probably indicated a harder hit with a decrease in rental prices of 3.8% in the last quarter, and 20% of the city is vacant due to closed venues and working from home practices, causing some investor’s to be weary.
However at Schwarz, we can proudly say our rental listing prices have maintained well and we are leasing on average 3-5 properties per week. In our opinion the Northern Beaches rental prices haven’t been impacted as much and investors can still expect a great return. Our July Property Management speak for themselves, a 15% increase month on month since March for inspections, applications and people searching. We’ve also leased many properties above asking price due to high competition.
At the moment deciding when to sell your property is based on so many factors from the current market conditions to the urgency of your own personal circumstances. Exploring the pros and cons with your agent or broker can help you make a more informed decision.
If you need some property advice, please get in touch with our office and we’d be delighted to help – 9939 5400.
Or Simply Get An Appraisal From Schwarz, CLICK HERE: https://www.schwarzre.com.au/enquire-now/