2021 could be a stand-out year for Sydney’s property market on the back of low supply and unprecedented demand, with the Hills district drawing increased buyer attention.
Despite the headwinds, green shoot elements indicate that Sydney’s property market will remain on an upward trajectory well into 2021, a property expert has said.
Touting Sydney’s solid start to the new year, BFP Property Buyers founder and principal Ben Plohl revealed that “plenty of buyers” are already active across the city.
“The Northern Beaches lockdown over the holidays was an inconvenience but had no impact on the market in my opinion,” Mr Plohl said.
“With record-low levels of supply and unprecedented demand, we can expect to see a strong seller’s market to continue in Sydney this year.”
The Hills district, Mr Plohl noted, is set for a demand increase as more buyers flock to Greater Western Sydney.
“Buyers have been out in force across the Hills district in such numbers that it has become quite common for 30 or 40 people to turn up to a property’s first open home,” he said.
“Clearly, these types of numbers are music to the ears of vendors, many of whom are selling their properties within a day or two and for significantly more than they had been expecting.”
Another trend tipped to continue in 2021 is the return of expat buyers who, along with tree-changers, will be paying special attention to the Central Coast, the South Coast and the North Coast.
“The working from home phenomen[on] will most likely continue in some way, shape or form, which will add demand to these desirable coastal locations,” Mr Plohl concluded.