Out of Lockdown as we hit the height of the market

As we come out of lockdown in New South Wales and some sort of normality is filtered back through the economy, we reflect on this astonishing year - it will be interesting to see what sort of picture History will paint.Some people were referring to it as the big reset, some people have had the opportunity to spend more time at home, work from home and school the kids from home.It seems that people have put more value on the family home and as a result of that, we have seen Real Estate prices grow by around 20% in 12 months and in some areas, in Sydney, far more than 20%.

Last Saturday, NGFarah’s Partner, Martin Farah, sold an apartment which had 3 bedrooms and 2 bathrooms, at 3/219 Allison Road, Randwick, this apartment sold for $1,875,000 and had a great aspect of Coogee Beach and set in a 1960’s building.The irony of this sale is that the same clients who sold the property, bought it only 13 months earlier from NGFarah for $1,250,000 and they only did minor work to the property but presented it in its best light on the day.

The rental market has seen enquiries double and more properties becoming available to rent in the Coastal Areas. There is a very strong demand for premium properties along the Eastern Suburbs Coastline. Some areas like Mascot and Kingsford still have a much higher vacancy rate than other suburbs in the Sydney Metro area.In terms of the greater economy, business confidence is strong, yet businesses are finding it difficult to fill jobs, labour is scarce all round and wages are set to soar at the same time, building costs are also growing at an alarming rate.We believe inflation will definitely force interest rates up in the not-so-distant future.

There are also other concerns in China and their property bubble. We all look forward to the Interstate Borders opening by Christmas so Australians can get on with their lives and travel freely within this great Country of ours.