Highland Property is again posting record results – and managing director David Highland points to a growing trend for technology-enabled purchases as driving their lockdown success.
After transacting more than $1.5 billion worth of property over the 2020-21 financial year, the group is once again reporting record results – despite spending the past two months in lockdown.
The Southern Sydney agency has managed to sell 255 properties at a value of $364.4 million in the past eight weeks alone, a rise of 89 per cent over the same period last year.
The boost to volumes and prices is not expected to ease any time soon either, according to Highland Property managing director David Highland.
“We believe the market will surge further as we finally exit lockdowns over the next two months, extending the traditionally strong spring selling season to Christmas.”
He outlined that buyers and sellers across the Shire have transitioned to digital platforms as a result of the restrictions – a trend he believes will accelerate over the next few years, even when lockdowns are over.
As a result, Mr Highland said the agency has plans afoot “to invest further in technology to stay ahead of the market”.
“We are seeing buyers from the Shire, other parts of Sydney and overseas buying apartments and houses through virtual tours and Zoom meetings, which is similar in approach to our group selling developments off the plan for many years,” he indicated.
Calling the technological-based approach “the new reality”, the managing director expects record levels of activity to continue “amid the low-interest environment, lower listing volumes, and Australians and ex-patriots seeking the safe haven of bricks and mortar”.
He has also pointed out that a move to more work at home measures has seen many inner-city dwellers choosing Sydney’s lifestyle locations like the Shire, with its beaches, transport links and many amenities, as a viable alternative.
Sylvania Waters is one such area benefiting from the migration, having posted the strongest price growth of any Sydney suburb (64.8 per cent) to median price of $2.72 million in the year to 31 May 2021, according to CoreLogic.
Mr Highland said, “there is now a certain amount of FOMO (fear of missing out) amongst Shire buyers who are no longer waiting for the perfect property to purchase”.
It’s one factor that’s also driving up activity in the off-the-plan sector, the director reflected.
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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.