How it boomed in 2020 and our predictions for 2021
What… a…. year!
Our lovely friend, COVID, made it super hard for a lot of businesses and industries to survive. The Australian housing market, however, has managed to not only keep going but also thrive despite the challenging conditions.
Go, Aussie property!
The Northern Beaches property market has proved this even further by showing a great level of resiliency, with positive results right across buying, selling and leasing! Something which caught many by surprise.
We’ve compiled some snapshot insights into Northern Beaches property market and some expert predictions to help you navigate the real estate market in 2021.
Here’s the blog you need to read!
Did the Northern Beaches property market boom this 2020?
Well, in a manner of speaking, YES!
It’s quite evident in reports, statistics and claims made by many satisfied clients.
Located just over 8km northeast of Sydney’s CBD, the Northern Beaches has become a safe (and very desirable) place for people who want to escape the hustle-bustle of the city.
With the quintessential beachside lifestyle, extensive blocks of land and the peaceful community it offers, it’s no surprise that it has become a popular choice for people of all walks of life to enjoy.
So, even though it has been impacted by the effects of COVID-19, especially during the beginning of the year, the Northern Beaches property market was still able to display a consistent demand for both commercial and residential properties.
See below some statistics we collated.
According to the latest Australian Bureau of Statistics data, the number of people employed in Australia grew by 178,800 in October despite economists predicting a 27,500 drop. Retailers are expecting a big Christmas with retail trade up 7.3% compared to October last year, even with continued declines in Victoria.
House prices across Sydneys Northern Beaches have increased
In fact, Northern Beaches’ properties have recorded an average of 29 days on the market this year. And the most recent auction clearance rate is sitting at 83.9%.
The stable fiscal environment and low interest rates have also paved the way for Sydney’s Northern Beaches property market to boom amidst everything that’s happened.
What about Upstate in 2020?
As the largest residential and commercial property agency across Sydney’s Northern Beaches, Upstate also displayed significant growth and success this year.
We were able to manage the restrictions, our clients’ evolving requirements and tougher market conditions thanks to our world-class technology, digital-first approach and customer-centric services.
To show you how dedicated we have been in fulfilling your property goals, here are our outstanding results in 2020:
For 2020, our properties at Upstate have also recorded an average of 27 days on market, and an auction clearance rate of 90.76% – significantly better than the market averages of 29 days on market and the most recent auction clearance rate is sitting at 83.9%.
Most importantly, through our consistent hard work and drive to provide clients with the best property experience, so far this year we were able to sell a total of 401 and lease 582 – a huge improvement from the 307 sold properties last year!
So much for 2020 being a slow year – it just wasn’t! And the numbers prove it.
What’s next for Sydney Property in 2021?
Industry professionals have predicted that the Australian housing market will continue to persist and move forward come next year – and we believe it too, based on what we’re seeing right now.
Population growth, a slash in interest rates and a more stable overall economic setting will allow even those buyers who opt for more affordable choices to invest in properties.
To give you a better idea of what awaits in the future, our very own Lachlan, Vincent and BDM Johm Hall have shared their own forecasts for the Northern Beaches property market this 2021.
“After a very different 2020 the only way is up for the Northern Beaches property market in 2021. Hard assets are always a safe bet combined with the high yields and low-interest rates for the medium term (three-year plan) means growth and stability for our local market. Client’s questions are ‘other than rates what is supporting our market’ the answer is people more than ever want to live in lifestyle destinations. The acceleration of inquiry from the Eastern suburbs above is driving the already strong local inquiry. ” – Lachlan Yeates, Director in Charge
“2020 for Commercial property on the Northern beaches was a real mixed bag with a few months of next to no transactions at the height of covid shutdown to doing record numbers in the following months. Sales have been slow with a lack of stock but this is turning as we write with a few more properties coming to market with strong interest from investors and occupiers alike.” – Vincent West, Commercial Licensee / Director in Charge
“This year was an interesting year not just for real estate but for people in the world in general. We got hit with COVID and had to learn how to adapt in such a short time which had everyone on their toes. Luckily for us, we have such an awesome forward-thinking team that helped and allowed us to be innovative in how we interact with people whilst being distant at the same time. Things such as virtual rental inspections allowed us to show properties for lease to prospective tenants as well as a virtual routine inspection to make sure all of our tenants are keeping our landlord’s property in good condition.
Just after the main part of COVID blew over we saw the rental market turn dramatically. Up until now it was the lowest amount of stock for lease across the Northern Beaches I’ve experienced in the last 10 years. We dropped down to as low as 0.9 vacancy rate which held for months as well as seeing numbers at open homes up to 50 groups! (practicing social distancing of course). A great time if you were a landlord as properties weren’t lasting longer than 1 open home at times.
Heading into the future, I still see technology playing a big part of how real estate agents will market as well as showcase properties for lease. Already being a tech-based agency we are always finding ways to innovate new ideas that will help our consumers access information a click of a button.
We want to make leasing property and managing property seamless and a stress-free experience for everyone! Your one-stop shop when it comes to Property management!” – John Hall, Senior Business Development Manager
Want to discuss your own property needs?
We’re always here to help you!
Our Upstate real estate specialists can make selling your property easy, well-managed and transparent. That’s because we’re a big agency, with the heart and determination of a boutique one.
Our personalised service will help you get the most out of your home to come out of 2020 in a better place, and start the new year really well.
Speak to your local Upstate team today and we’ll show you the possibilities that are earning excellent results. We look forward to chatting with you soon.
Merry Christmas and Season’s Greetings!
Your local Upstate team.