Our 2021 property forecast

The 2021 property market will be driven by people wanting more 'lifestyle'.

The first month of 2021 buzzed by and the clearance rates across Sydney looked to be around 80% from a small sample size. It’s the next 2 weeks that will be more telling.

This will set the tone for 2021 to come.

But even if an influx of stock arrives too, we’ve already seen enough buyer activity to lap it up. BresicWhitney listings experienced the highest average inspection numbers in January than any other month in the history of the brand, and 23 homes already sold.

We’re seeing Australia’s obsession with real estate only amplifying. It happened in 2020 when COVID-19 changed our behaviours, it ramped up over the holidays, and the next phase is here now. We want ‘lifestyle’.

We spent more time in our homes in the past 12 months than many of us have in past decade. The lifestyle our spaces deliver us is now more important. So are our immediate suburbs and surroundings.

2021 buyers are already hitting us with a broader search criteria and wider radiuses. And that’s propelling BresicWhitney sellers who use our network to target pre-qualified searchers and out-of-area buyers between our 4 connected offices.

One example was this Woollahra home that failed to sell elsewhere in November 2020.

When BresicWhitney took over, we searched outside the box for potential buyers, finding a match in Darlinghurst, and someone looking for a lifestyle change beyond the CBD fringe.

In 7 days, Maclay Longhurst’s team delivered $500,000 more than the highest offer of last year.

Darren Pearce just sold 749 South Dowling Street, Redfern for $2.7 million off market. Three months ago that house was appraised at $2.2 million to $2.4 million.

With more people now looking for these rare oversized homes, a number of competitive buyers were introduced by BW colleagues Chris Breedon and Michael Kirk.

More collaboration delivered a building record from David Smith-Cameron at 7/85 Boundary Street, Darlinghurst.

A seller from the Eastern Suburbs snapped up 2A Bamboo Avenue, Earlwood for $2 million with Chris Nunn, hitting our Inner West listings in the hunt for more space.

Adrienne Williams has been selling a string of generous family packages, with the latest at 76 Renwick Street, Drummoyne selling off-market.

Similar homes have been popular around Balmain, including 47 Darling Street, Balmain East just sold with Andrew Liddell.

From inner-city apartments with work-from-home nooks, to family houses further out, Sydney’s drive to make lifestyle adjustments looks set to continue. A new work/life balance is playing its part, alongside location, size, and other traditional factors.

Amid those big attendance numbers we saw in January, we’re seeing more people back in the market after some time away, or buying in for the first time.

Many of them have been saving deposits while weathering the COVID-19 storm that didn’t affect their employment as much as first feared.

Meanwhile, almost every suburb in Sydney has seen house prices rise over the past 12 months, according to new figures from Domain, with a staggering 115 suburbs clocking double-digit price growth.

With the market having everyone’s attention again, follow our new listings here.

 

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