The Great Australian Property Boom

2021 has started with a bang, with property in high demand right across the East Coast of Australia.

During Covid-19, Australians have realised one thing - how important their family home is.

As a result, during the last 6 months, property prices have escalated at a rapid rate and buyer demand is evidently outweighing the number of properties that are currently for sale.

This is not just occurring in the big cities like Sydney, Melbourne, Brisbane and the Gold Coast.

This has now filtered through to all regional areas of NSW, including the South East of Queensland and as far North as the Sunshine Coast, where properties are selling in a record time and, in most cases, for well over the vendors’ expectations.

During Covid-19, Australian families and Australian businesses have an additional $200 Billion Dollars in their bank accounts. This will eventually translate to more money being spent on upgrading properties across the board.

“The Australian recovery is happening now, as we speak, and because of this it has taken us out of recession almost instantly. In major cities like Sydney, South East Queensland and more importantly, where NGFarah have their footprint in the Sydney Metropolitan area, buyer demand is at an all-time high,” says Glenn Farah.

“We are in expansion mode and have acquired the highly respected South Eastern Reality, at Malabar. The current team including Peter McGuinn and Greg Gladstone will be staying on and committing to the NGFarah Brand.”

On a mid-week inspection in January, 2 weeks into 2021, we recorded 45 groups through a house in Eastlakes. This indicates that Australians are focusing on buying property and are happy to pay a premium.

The positives about the property boom are that it is not confined to the big Cities. All the regional areas in NSW; including Byron Bay, the Tweed Coast - down as far as Coffs Harbour and Port Macquarie - are seeing that property prices are rising at a rate that has not been seen before in these areas.

Covid-19 has been a great wake up call for many Australians. People are now realising that having a quality of life is a priority and are taking the opportunity to downsize from an expensive property in a big City and move into the Coastal/Regional areas of NSW. This is not only a great lifestyle change, but also a financial windfall, as properties in Sydney are selling for a premium price.

This great Australian boom was bought upon us unexpectantly. We had no clue and no idea that this was going to happen. Banks are now lending money to buyers at under 2%. Property is somewhat considered a smart investment, with rental returns giving landlords between 3-6%. This is far better than they would be getting from the banks, which is currently paying less than 1%.

We have adjusted to a new lifestyle under Covid-19 and Australians can be proud of how they have managed an uncomfortable situation and have abided by the laws and rules of the land.

Let’s hope that we can resume our lives and start travelling again soon.