Today we want to have a look at the impact of Covid on our local real estate market. First of all let me just say that real estate sales are still sky high. Not only that but we are continuing to achieve some amazing sales results outperforming the market by as much as 43 percent! We just want to say thank you to our amazing clients who have been so patient and flexible as we figure this all out together!
As a whole, we have seen some interesting effects of Covid on the local real estate market. Listing numbers are down which means there’s not a lot of properties on the market. So sellers that is great news for you! Now is the time to hold fast and push for an amazing sales result as the competition from buyers is heating up.
Speaking of competition we are seeing an increase in buyers from urban and city areas looking to find more space and that is great news for our markets. Immigration to our local areas from Sydney is on the rise and buyer enquiry is through the roof. Our listings are typically seeing over 300 cashed up buyers reach out to us within the first week and over 85% of those are from Sydney. All of this is combining to create upward pressure on prices.
For our buyers out there don’t get disheartened. There are some amazing properties for sale and a keen buyer can still find a great bargain. One of the unforeseen advantages of lockdown has been the increased time and money vendors have had for renovation. Buyers are much more likely to find a recently updated or renovated home.
Prices in our local areas are up significantly. Median sale prices in bolwarra heights have risen by over 17% in the last 6 months! Similarly the median value across East Maitland has risen 12% in that same time and even prices in Newcastle CBD are up 8%. All of this is proof that the real estate market this year has been hot hot hot! But there’s a few things to expect as we move forward.
We have seen that when a large city center is let out of lockdown immigration trends shift heavily away from those city centers. That means with Sydney and Newcastle CBD’s currently under lockdown we are expecting a property boom again when these restrictions are lifted. Two things are expected to happen, Buyers demand will temporarily sky rocket, then as a result of those amazing sales, more sellers will jump off the fence and get their property on the market causing price increases to slow. Sellers who wish to capitalize should get in touch as soon as possible to get their property ready to sell at the end of lockdown. This is a great opportunity to tidy up your property and maximize your sale result.
Buyers who wish to make that move out of the city should consider our area’s at the top of their list as our local neighbourhoods are known for their relaxed lifestyle, space in spades and relative affordability.
As we get later into this year and onto the next we will keep you all updated with whats happening in our local market. Please if you have any questions feel free to reach out.