Since the onset of COVID-19, a prominent trend across the Australian dwelling market has been high demand for detached houses. This is reflected in price changes of houses and units since March last year, as strict restrictions rolled out across the nation. In the past 16 months, capital city house values rose 14.2%. This is more than double the 5.6% rise in capital city unit values over the same period. As it stands, there currently is a 30.5% gap nationally between capital city and capital unit values.
Particularly in Sydney, the houses and units currently have a record high price gap of 54.2%. The difference in median house and unit values has skyrocketed since September 2020, as the house market saw a recovery trend following eased social distancing restrictions across the city. Unit values continued to decline through to January 2021, as low levels of investor participation, and subdued rental conditions saw less interest in unit stock. As the Sydney lockdown reinforces the lasting impacts of COVID-19 on large cities, and monetary policy remains accommodative, Sydney-siders who can afford it may still be willing to pay for detached housing in the months ahead.
Sydney continues to break records, with the median house price surging to $1,410,133, an equivalent of rising more than $1200 a day in the second quarter of 2021. Researchers suggest that this year has shown new territory for Sydney, with results exceeding the booms presented in 2015 and even 2002, and according to Realestate.com, despite current restrictions we’re still seeing strong buyer demand for properties, with enquiries significantly up 55% year on year across NSW in July.
If you are looking to list but are concerned over how lockdown will affect your campaign, we can assure you extra support should your property take a little longer to sell or perhaps not achieve the result you were aiming for. For any listing that has been impacted by the NSW Covid lockdown published on realestate.com.au on or after June 1, both a free re-upgrade or a free re-list are available.* Contact us on 02 4504 8004 to found out how we can help you!
*Available for properties that re-list within 180 days of being withdrawn. Only on the realestate.com.au platform