Sydney Property Market Update - Lockdown Edition

As Sydney heads into week five of the Covid-19 Delta strain lockdown and the consequential tightening of restrictions into late August, we thought it was a good time for an update on the current Sydney property market.

Many of you are asking: what is different about lockdown in terms of the property market this year compared to Sydney’s first lockdown?

Last year’s lockdown saw property prices quiet down and stay fairly stagnant throughout. We saw overall prices drop anywhere from 12 - 25% in 2020’s lockdown.

This year, people are aware of these past trends, especially when it comes to what happened right after lockdowns. In the current lockdown, sellers are much more confident that their property will sell. On the other hand, buyers are keen to find a bargain. 

So while there are fewer properties being listed at the moment, sellers are confident about selling and agents are being proactive about maximising inspections.

The current restrictions allow inspections by appointment only, and only one person is allowed inside a property at a time. However, this is not stopping sellers from demanding a good price.

The key now is to avoid auctions. Auctions have to be online at the moment, and the impact of this is that you don't get the same energy as an in person auction.

The best way to sell at the moment is a private auction and to build interest, identifying serious Buyers - generally after the second Saturday. We’ll continue to keep you updated on the current Sydney property market and the happenings on the ground.

In the meantime, don’t hesitate to get in touch with us regarding any questions or concerns you may have regarding your Buying journey. 

Stay safe and keep well, Sydney!