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At this stage, the spring selling season is likely to be delayed across Sydney, Melbourne and Canberra with momentum building over the final months of this year and into 2022
While the national property market slowed in August amid lockdowns, Sydney’s property market showed signs of a rebound as the NSW government started outlining the eased restrictions that would apply once vaccination targets were hit, ahead of the release of its roadmap out of lockdown last week.
Announcements from the NSW government about a pathway out of lockdown, coupled with the ongoing ability to conduct one-on-one inspections, instilled confidence in Sydney sellers and we saw an 11.9% month-on-month jump in new listings in August.
Vaccination rates are going to play a key role in the easing of restrictions so it’s positive to see those numbers rising quickly.
Greater Sydney’s stay-at-home orders for adults who have received both doses of the COVID-19 vaccine will be lifted from the Monday after NSW passes the 70% double vaccination target. That is expected to occur around 18 October.
Experts expect there will be a surge in new listings in the affected property markets once the lockdowns end as vendors seek to cater to strong buyer demand.
The spring selling season will be running at different speeds across Australia, depending on lockdowns.
Buyers have limited choice as prices surge
Prices have increased rapidly during the pandemic with realestate.com.au data showing a 20.8% increase in national property prices over the 12 months to August.
Australia’s 16.4% annual growth in residential prices ranked it seventh among 55 countries and territories, Knight Frank’s latest global house price index released on Wednesday showed.
Australian Bureau of Statistics data released on Tuesday showed prices rose by a record 6.7% in the June quarter, with its residential property price index increasing by 16.8% over the year.
The total value of Australia’s 10.7 million residential dwellings rose by $596.4 billion to a record $8.92 trillion in the June quarter, the ABS data showed.
Buyers enjoyed a strong lift in supply in the eastern suburbs, where new listings jumped by 46.8%, and North Sydney and Hornsby, up 36.9%.