End of Year Wrap 2020 | Matt Nicastri

15 December 2020

In our final episode of this year’s End of Year Wrap series, Matt Nicastri brings you a snapshot of some of the possible outcomes for the property market in 2020.

Click to watch the video or read the transcript below.

Matt Nicastri end of year wrap 2020

– Hi, I’m Matt Nicastri from Cunninghams, and together with John, Georgi and Michelle, we thought that we’d bring you a series of bite-size and market updates to wrap up 2020.

No one seems to be able to predict what’s around the corner. Let’s start off with the most realistic outcome for 2021, that the Northern beaches still remains very resilient as a lifestyle market, purely governed by the very simple principle of supply and demand.

However, these are some of the possibilities that we’re also keeping our eye on.

Number one, the media realises that the market has picked up between three and 5% in a quarter, and therefore calling it unsustainable. Now this may spook some buyers in the early part of next year, and therefore like in 2017, buyers will begin to sit on their hands.

Number two, the beaches will continue to be viewed as an undervalued area, and migration will continue for more affluent suburbs and therefore accelerating continual growth.

And thirdly, the theory that has probably lost the most amount of traction in the last six weeks is that the government stimulus and low repayment holidays all ending in March, will have a material impact on the Northern beaches market.

I have to say, I don’t feel that this is one of the more likely outcomes that we face.

So folks to summarise, we don’t want to give you any hard and fast predictions on the market, but rather we’d like to talk in theories, and we’ve highlighted what the most likely outcome is and that the Northern beaches stays resilient.

Please note: It’s business as usual for us until we close for the Holidays at 5:30pm on Wednesday 23rd of December. Our offices will then reopen in 2021 on Monday 4th January. If you have any questions, please don’t hesitate to get in touch 9949 7077.