Market update | January 2021

21 January 2021

The weather is heating up, and so is the property market. We’re just two weeks into 2021 and already we are seeing high levels of inbound enquiry and proactive buyer activity. Our teams have been busily responding to numerous enquiries, taking note of buyer requirements and providing information on our “On the Quiet” listings.

High buyer demand is of course fantastic news for those looking to sell their property! For some of our clients who fall into the “changeover” category (those that would like to sell and then buy within the same market), the sentiment has been that whilst they would love to sell whilst the market is still hot, they are concerned that there may not be many options for them to consider this side of March to buy back in again.

However, our data insights and listings forecast for Quarter 1 indicate that this may not be the case. Many of our agents have been speaking to our suppliers (photographers, videographers and auctioneers), who have provided some great insights into the state of the current market. Since the start of the year, and across the last 30 days leading up to Christmas, our suppliers have seen a notable increase in bookings, indicating that there will likely be a flurry of listings hitting the market at the end of January / early February. This was also evident at last weekend’s open homes where we saw a huge average of 26 groups through each property, with one property attracting over 100 people at the first viewing. To put this in context, this average amount of buyers was greater than any average we have seen since we started recording these numbers in March 2020. We saw multiple properties see upwards of 30 buyers through the open homes, with socially distant lines snaking around the streets waiting to enter in a Covid-safe way.

For what is traditionally a quieter time of year, we are expecting to see more properties come to market over the following weeks than in previous years, pointing to a strong start to 2021 off the back of a busier December period.

Take a look at the graph below* which shows a 13.8% increase in stock levels in December 2020, compared to December 2019 across Sydney.

*source: SQM

Our “On the Quiet” strategies which involve using our extensive database of buyers that can ‘matchmake’ buyers to properties have also been showing signs of strength. Many vendors are quietly buying and selling more swiftly, and with a lot less stress to boot. So, if you are looking to make a move, our advice is to get in early and avoid waiting until March to start your property journey. As the saying goes, the early bird gets the worm.

Another interesting observation from our Sales team is the amount of ‘new’ buyers out there, those who have just joined the market looking to buy property in 2021. Coupled with the many, many buyers who have missed out on property in 2020, it is safe to say that the market shows no signs of slowing at this point.

If this raises any questions or you wish to simply discuss your options with our experienced Sales team, please get in touch. We can work with you using our unique selling strategies, database matches and “On the Quiet” opportunities to help make your property journey a smooth and enjoyable one.