Latest data from CoreLogic shows that property values rose by 1.5% for the month of August. This rise was higher than average, but the slowest monthly rise since January.
“Lockdowns are having a clear impact on consumer sentiment, however, to date, the restrictions have resulted in falling advertised listings and, to a lesser extent, fewer home sales, with less impact on price growth momentum,” CoreLogic's Research Director, Tim Lawless said.
“It’s likely the ongoing shortage of properties available for purchase is central to the upwards pressure on housing.”
Jacque Parker, Director of House Search Australia, said buyer’s agents are making it easier for prospective buyers in COVID hotspots to secure homes in a market where stock is limited.
“This latest lockdown hasn’t had a huge impact on the market, given there is still strong demand,” Ms Parker said.
“Not as many vendors are listing, which is the biggest change that we’ve noticed.
“We are definitely giving our clients the edge, particularly those that live in local government areas (LGA) of concern, where their movement is limited.
“We can get out and inspect a property on their behalf, which is saving them a lot of time and helping them secure their home off-market or at online auctions.”
According to Domain, Sydney auction clearance rates in August remained above 80%, compared to 61% this time last year.
“In Western Sydney, particularly the Hills District, a free-standing house with decent land size is still important to buyers, as well good school catchment areas and proximity to transport,” Ms Parker explained.
“There are still opportunities for first home buyers to get into the market, but for free standing houses under the $1M mark, we’re seeing people searching further afield out of Sydney and considering other areas, including the Blue Mountains and Central Coast.”
