If ever there was a sign that we are returning to some degree of normality in the world it must be that Sydney residential property prices are back dominating the news! Nearly twelve months on from the lockdown that shutdown the state and we are seeing reports of record demand and predictions of sustained value growth. So, let’s take a look.
There is no denying the year has started with a bang. Our team is busy. Very busy. Across all the precincts in which Morton operates, we are being inundated by enquiries.
And that’s an interesting and very important point to highlight. When you read about ‘activity’ in the media it relates to data on sales, auction results and new listings. All those figures are high and they’re rising, with CoreLogic reporting Sydney property values increased 0.4% in January alone and 1.6% over the last twelve months.
But on top of that, and equally crucial to the sustainability of positive market conditions is the activity that is not correlated in finalised sales data.
Morton’s phones have been running hot with enquiries. And the interesting thing to note is they’re not all just from people prompted to call to view a particular listing or with a view to listing themselves.
They’re coming from people seeking information. Prompted probably by the headlines and hype in the media these are people looking to garner the true facts and work through exactly what the current market situation might mean in relation to their specific property goals.
And that’s a great thing. The headlines and reported data by experts like CoreLogic provide a great insight into the big picture but prudent purchasers and property owners seek honest guidance on exactly how those numbers relate to them. Remember the reality is that not every sale exceeds the guide price by millions of dollars and establishing realistic expectations in this environment of breathless market excitement is really important.
That’s where our teams operating on the ground and with long-term experience can provide real value. For example, overall data might illustrate that apartments have not enjoyed a rise in demand whereas on the ground Morton precinct specialists have secured very healthy results for units in Penrith, Riverwood, and Wentworth Point.
That’s why I recommend getting on the phone and having a chat with a Morton agent if your interest in property is piqued by what you are seeing reported. We can help break the data down into what it might mean for you, honestly and realistically.