On the back of reduced housing stock, pent-up buyer demand and relatively stable housing prices, The Agency Group has seen promising turnover in the entry level categories and suburb records broken in the prestige sector.
The Agency reports Sydney’s prestige Eastern Suburbs market has achieved some astounding results, with Ben Collier selling over $30 million worth of property over the last two weeks.
This included the record breaking sale of 177A Albion Street, Surry Hills, which sold around its price guide of $12 million, breaking the suburb record by well over $3 million.
In addition, Mr Collier sold 36 Martin Road, Centennial Park, in excess of $9 million and two Watsons Bay semi detached dwellings, set on a combined 475sq m parcel of land, for a total of $10.5 million.
“Leading up to Easter we saw a pause in the market, but post Easter, confidence had lifted and inquiries picked up significantly,” Mr Collier said.
“As people have adjusted to the pandemic environment a sense of stability has returned and this will continue to grow as the lockdown restrictions are eased.”
In the Perth market, The Agency has seen strong turnover in properties sitting beneath the median house price of $480,000 and located within the 10km ring around Perth’s CBD.
“We are seeing unabated demand from first home buyers who have identified great value for money in the current property market,” The Agency’s WA General Manager, Stuart Cox, explained.
“These first home buyers are further supported by the government’s Keystart low-deposit home loans.”
Perth-based agent Adam Naumovski, who specialises in the $360,000 to $450,000 price bracket, has achieved a record-breaking quarter, listing 41 properties and selling 31 one of those homes in the current market.
Overall, The Agency reflects the strength in the results outlined above, along with the consistent sales performance seen in regional areas, indicates the property market to date has been far more resilient than many predicted.
“In the early stages of COVID-19 we saw constricted interest in certain price ranges, however, in the past week we’ve seen a genuine appetite from buyers, from entry level properties all the way through to the luxury market,” The Agency’s Head of Sales, Thomas McGlynn, said.
“We believe this is an extremely positive sign for the residential real estate market across Australia, given the results we have seen on the east and west coasts of Australia.”