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Property market – Covid lockdown update

By David Meadowcroft

As Sydney finds itself in the middle of a somewhat unexpected lockdown, which now seems likely to last longer than we had all initially expected, I thought it important to reach out and provide an update on how the local market is reacting so far.

Sales market

Firstly, it must be mentioned that whilst open houses and on site auctions are not allowed, private inspections and online auctions are allowed. It is evident at this stage that the lockdown has had an impact on the number of properties coming to market, with numbers of new listings well below those of recent months. However, the enthusiasm of buyers evidenced throughout the year to date has not been dampened at all.

As an example of this, a property we listed at 110 Foster St Leichhardt last Wednesday has seen in excess of 100 enquiries in the first 5 days.

It is often said that it is better to “sell in isolation rather than in competition”, and there is certainly an opportunity at the moment to capitalise on continuing strong buyer activity. If you’d like to know more about preparing to sell in the current market, you can contact us via this link.

Auctions

The move to online auctions has proved to be seamless in recent weeks, with last year’s experience proving advantageous.  Whilst it is to be expected that some sellers may be apprehensive about an online auction, genuine buyers are embracing the process. In my capacity as an independent auctioneer, I conducted an online auction last Saturday which saw 9 bidders compete, with an eventual result some $263,000 above the reserve. There is certainly nothing to be feared by selling via an online auction.  If you’d like to find out more about the online auction process, you can contact us here.

Rental market

In our experience in the last few weeks there has been little change to the rental market, aside from the requirement to conduct private inspections.

Many tenants who were already in moving mode prior to the lockdown are still out and about inspecting properties and submitting applications.

Our inspection booking system allows for tenants to book a private inspection at a time that suits them, whilst video walk throughs and virtual inspections are utilised where needed.

Exceptional property management equals confidence, and better returns for property investors. Whether you have a vacant property, or one that is currently occupied but have been considering switching agents, assigning your property to Ray White Rozelle is a simple process, and comes at no cost to you.

To find out more, please call David Meadowcroft on 0412 247 818 or email via this form.

Are you getting the best mortgage deal?

Many took the time during lockdown in 2020 to reassess many areas of their life including housing needs, and this time around is certain to evoke similar thoughts. Even if you find your current home suits your needs, now may be an opportunity to reassess your home loan.

Competitive home loans are ever-changing and paying extra interest on an uncompetitive loan is the price paid for not reviewing and refinancing. In the current climate of lender competition and super-low interest rates, now is a good time to capitalise on low-interest rates to secure some possible savings.  No lender will offer you a better deal if you don’t ask.
We partner with local mortgage broker Patrick Noll from Loan Market to work with our valued clients to understand if there is an opportunity for you to be saving money on your loan repayments.

For a no cost, no obligation chat to see how he may help you, contact Patrick via this link.

Whether you are selling, buying, looking for an efficient manager for your investment property, or would simply like to chat about your options in the current market, please call David Meadowcroft on 0412 247 818.

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