How Has Lock Down Affected The Property Market?

The latest lock down in Sydney has resulted in large numbers of uncertainty and mixed messages for potential sellers that were previously looking to enter the market. Our aim is to reassure you of the actual state of the current market conditions. We have done the hard work for you and broken down everything that you need to know about the Sydney property market and why now the best time to put your home on the market.

These unprecedented times have not deterred the interest we have been receiving from potential purchasers looking for properties within the upper north shore. With limited homes listed on the market, we have continually seen record breaking sales being made throughout all suburbs on a variety of property sizes and conditions. This trend is clear when analysing the current dwellings sale to new listings ratio, the ratio has previously averaged 0.9 geared to favour of purchasers. Over the past 3 months leading into July, the ratio has been 1.4 representing a shift in bargaining power to that of the seller (Source: Core logic).

Source Canva.com

The increased bargaining power has been driven up by record low interest rates in conjunction with additional government incentives, including the first home buyers’ scheme that has lowered the cost of borrowing consequently increasing the mobility of purchaser’s additional income to spend on their dream home. Conclusively making this the idealistic opportunity for seller’s to put their home on the market as these conditions are conducive with buyers receiving the best possible result for their homes.