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What happened to the market in October 2020?

By Jessica Ridder
Spring is a great time to move into a new home and we have done just that. We are excited to let you know our new office is open. Come by and say hi to the team at 20 Govetts Leap Road, Blackheath (next door to Altitude Deli). We are also expanding into Katoomba, providing our clients with the combined strength of two offices, so keep an eye out for us on Katoomba Street.
Local Real Estate news
Locally we are still experiencing high buyer numbers through our open homes on the weekends, we opened 11 properties last weekend and recorded 63 groups through. We attribute these high inspection rates to the pandemic as it continues to drive Sydney residents out to regional areas. We currently do not have enough homes to meet the skyrocketing demand from city based buyers.
Domain data shows that property prices across regional NSW have continued their upward trajectory, despite the coronavirus-related downturn that has affected pockets of Sydney. While Sydney’s median property price declined 2 per cent to $974,83 in the quarter ending June, outside of the capital prices recorded a marginal increase. At Ray White Blackheath we exchanged 14 properties in September, that represents a property SOLD every two days. Our current auction clearance rate is 75%.
With housing demand in the Upper Blue Mountains currently outstripping supply sellers have an excellent window between now and Christmas to achieve great results. The time to sell is now …… what are you waiting for? Call the team at Ray White on 02 4787 8797.
National Real Estate news
With further easing of Covid-19 restrictions and improving business and consumer confidence, economic activity is forecast to pick up strongly from late 2020 and into early 2021. This is strengthened by record low interest rates (which are forecast to remain low until at least 2023) and the measures handed down in the Budget 2020 to create employment and generate reemployment, this is all good news for tenants, investors, home owners and those wishing to sell.
Ray White as a group have just recorded our best ever sales result for September of $4.87 billion. This was not a surprise to us. It follows months of continued momentum. If Melbourne
had not been effectively closed for real estate sales, September would have easily been an all time group record month. The result was 25 per cent higher than last year.
These September results were created on the back of continued buyer demand. On average across our whole network, live listing numbers are slightly up on last year. So the rise in sales isn’t a result of more listings. Rather, it’s a result of a higher percentage of listings being sold in the period. This is particularly evident in auctions, where the number of scheduled auctions increased by six per cent, the average number of registered bidders per auction increased
from 3.9 persons to 4.3 persons, and the auction day clearance rates increased by five per cent to 67 per cent. Auction prices achieved under the hammer were on average 10 per cent higher than any offers received prior to auction, which is a record number.
The results of the past three months are even more incredible when you recognise that the traditionally big selling months of October and November are ahead of us. We appreciate that there are risks to the broader economy in 2021, so we continue to advise our customers that we have an excellent window between now and Christmas to achieve excellent results for them.
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