You may have seen a significant number of articles and commentary highlighting the lifestyle changes emerging as people re-evaluate their priorities as a result of COVID isolation requirements. There is talk of an exodus from the city as people look for more space and less stress in their lives. That might be, but I hasten to add that doesn’t automatically mean the city property market is in trouble. Indeed, it has created an influx of opportunity.
I certainly don’t dispute the analysis which shows people are increasingly searching for opportunities to move and recalibrate their lives. And the appeal of a tree change or sea change is very real and very relevant in 2020.
But just as people might be looking to escape to the country so there are also people looking to find their perfect place in their perfect suburb. Whilst many might be leaving there are others ready to seize the influx of property opportunities that exodus has created. And in a city where there are many pockets of property that have long been tightly held, now represents a unique chance to move in where others are moving out. I’m not saying it’s booming, but I am saying it’s moving.
The Cooley Auctions Index for August shows Sydney metro residential property auction listings were significantly up on the same time last year at 358 compared to 223. The clearance rate is lower at 60% versus 75% last year but those that are selling are achieving a very healthy average value of $1,66 million up from $1,4 million.
It highlights that there are buyers ready to pay good value for property especially in areas that have traditionally been very tightly held. That’s where good opportunity exists as our team saw in Pyrmont last weekend with their auction of a fabulous apartment in an exclusive location selling at auction for $250,000 over reserve.
Of course, I will rarely let an opportunity pass to repeat my mantra, and this was a perfect example, that auction is the best option to secure the best possible price for a property regardless of market conditions.
So, I wish all those who are looking to escape to the country for a simpler life the very best. Morton is ready to help if you want to maximise the return on your city property. And for those choosing to stay behind in the city I encourage you to give us a call too because there are some unique property opportunities emerging.