Powered by MOMENTUM MEDIA
realestatebusiness logo

Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

rpm logo latest

‘The resilience of Sydney property has come to the fore’

By Grace Ormsby
24 March 2020 | 1 minute read
sydney harbour reb

The closure of Australian borders coinciding with a call for the return of Australians overseas will be a protective factor for Sydney property hotspots, according to a buyer’s agent.

Nick Viner, the director of Buyer’s Domain, has said that so far, the virus crisis has done little to stem demand for quality Sydney property. According to him, part of the drive is from expats returning home.

“There are lots of Aussies returning from overseas locations, and they could be here for the long haul. Where are they going to be living?” he queried.

Advertisement
Advertisement

The director said that other buyer’s agents he knows across his network are seeing an influx of expats signing up.

“Many have actually brought forward plans to return to Australia on the back of the COVID-19 crisis,” he stated.

The comments come after the Prime Minister instigated a ban on all non-citizens and non-residents entering Australia on Thursday, 19 March.

But it’s business as usual, according to Mr Viner.

“Among the areas I cover across the Lower North Shore, Eastern Suburbs and Inner West, we’ve seen little sign that activity has been dramatically hit.”

“I concede that some vendors are nervous and there are opportunities for particular buyer types where you might be paying $20,000 less than a month ago or so,” he added.

“But my overall feel is that the resilience of Sydney property has come to the fore.”

He highlighted that auction attendances, clearance rates and inspections are still showing that Sydney real estate is as popular as ever, with some local buyers reading the market as an opportunity.

“Shares prices have been dropping dramatically while property is considered a far more stable vehicle,” he outlined.

“The problem at the moment is not the property market, it’s everything else. Real estate is not Qantas, it’s not Fight Centre and it’s not retail. Property is going to perform as per usual, which is a lot better than average over the long term.”

In conclusion, Mr Viner expressed an expectation than when things return, “they’ll return in a big way”.

‘The resilience of Sydney property has come to the fore’
sydney harbour reb
lawyersweekly logo

ABOUT THE AUTHOR


Grace Ormsby

Grace Ormsby

Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.

Rankings
rankings
JUST RELEASED
May 09, 2022

REB Top 50 Women in Real Estate 2022

REB is thrilled to present the Top 50 Women in Real Estate 2022 ranking, which sets t ... LEARN MORE

rankings
JUST RELEASED
May 04, 2022

REB Top 100 Agents 2022

Now in its second decade, the REB Top 100 Agents 2022 rankings are the most revered s ... LEARN MORE

rankings
JUST RELEASED
May 02, 2022

REB Top 50 Agents NSW 2022

Even a pandemic has not put the brakes on the unstoppable property market in NSW, whi ... LEARN MORE

rankings
JUST RELEASED
April 27, 2022

REB Top 50 Agents VIC 2022

The COVID-19 crisis has not deterred the property market in Victoria, which has been ... LEARN MORE

rankings
JUST RELEASED
April 25, 2022

REB Top 50 Agents QLD 2022

As the property market continues to roar in Brisbane and Queensland, the REB Top 50 A ... LEARN MORE

Coming up

rankings rankings

 

Subscribe to our RPM
mailing list

 

Do you have an industry update?

top suburbs

12 month growth
Box Hill
127.02%
Mollymook
82.85%
Brightwaters
79.93%
Cleve
78.13%
Bawley Point
76.2%
Murrays Beach
75.57%
Terranora
70%
Crescent Head
69.38%
Park Ridge South
68.32%
Mollymook Beach
67.09%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.