Following the expected Christmas lull, one network has reported “unprecedented” and “extraordinary” sales activity across its east coast office in January 2021.
The Agency’s east coast operation recorded a 94 per cent increase in listings across regional and metro markets in the east coast, along with an 80 per cent increase in sales turnover compared to the same time last year.
According to the network, the market conditions were largely driven by restricted travel and more people returning to the market, eager to make up for at least nine months of sitting on their hands as they assess the impact of the pandemic on the market.
On the Central Coast alone, property specialist Brian Whiteman sold 20 properties amounting to $21 million in January 2021.
Mr Whiteman said that the extraordinary performance of the Central Coast has allowed him and his team to average four to five listing presentations a day and also see at least one property sold each day.
All in all, 78 per cent of all sales have gone to people who live out of the area.
It’s led to an approximate “10 per cent increase in prices”, Mr Whiteman added.
“The trend towards working from home has definitely played a role in this market shift and the NorthConnex has changed people’s perceptions of the drive. People can move between Sydney and the Central Coast without congestion and in just over an hour.”
Elsewhere, inner city Sydney agent Brad Gillespie sold 10 properties across Alexandria, Zetland, Waterloo, Redfern, Erskineville and Beaconsfield over the same period, totalling over $12 million.
According to Mr Gillespie, prices are “back to the peak levels of 2017”, with 70 attendees, on average, moving through each open home.
Sydney’s eastern suburbs market has also picked up, according to The Agency, with Ben Collier transacting $46.55 million worth of property across five sales, with significant demand from local owner-occupiers..
According to The Agency CEO Matt Lahood, the recent activity and results are never before seen across his 30 years in real estate.
With the unprecedented stock levels and buyer activity, Mr Lahood stated “our agents identified the shift in market conditions and worked closely with their clients to take advantage of these unprecedented January sales opportunities”.