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What happened to the markets in December 2020?

By Jessica Ridder
Wishing you and your family a very Merry Christmas and a Happy New Year.
Thank you to everyone who has dropped a gift in for our annual Christmas appeal ‘Little Ray of Giving’. We have already collected over 200 gifts, these have been picked up by Thrive Services Katoomba and delivered to needy families in the Upper Blue Mountains. There is still time if you wish to drop a gift in, we will be collecting until Wednesday 23rd December.
Our office will close on the 24th December at 5pm and re-open on Monday the 4th January 2021. We would like to thank you for your support over 2020 and wish you and your families a safe and happy Christmas and holiday period.
Local real estate news – The Blue Mountains property market is very strong at the moment as city based residents look to relocate to more rural areas as their work arrangements become more flexible. We have experienced this first hand in Blackheath with the auction of 6 St Andrews Ave on Sunday 1st Nov, we had approximately 50 attendees, 6 registered bidders and competitive bidding resulting in a price record for a 4 bed home of $1,260,000. Since then we have sold another two 4 bedroom homes in Blackheath for over $1million. The area continues to be popular with retirees relocating from Sydney,
National real estate news – With the late season surge running right up to the final weekend before Christmas it is apparent that many sellers are trying to wrap up their affairs before Christmas – with about 2,300 auctions expected this week. The clearance rates have held well despite the gigantic increase in volumes with the current appetite for property pushing the prices up. Property prices rose across all capital cities last month, for the first time since January. CoreLogic believes the full recovery in values, diminished during the COVID-19 downturn, could come as early as February. With 2020 nearly behind us what can we expect for the year ahead. The healing process in the broader economy continues. Businesses are more confident, matching similar improvements in consumer sentiment. And both the current readings of business confidence and conditions are above longer-term averages. So with the Australian economy firmly in recovery mode, we just need to keep a focus on jobs to see whether the recovery is generating the sort of growth that authorities are looking for. Super-low interest rates and an improving job market have underpinned this recovery which will tick along in 2021. We believe this will be a strong summer for all our sellers and buyers, With the international border still shut and all Australians holidaying at home this year, this will be a summer to remember.
If you would like to receive a detailed market report for any of the following suburbs please call our office on 02 4787 8797 or email jessica.ridder@raywhite.com to request one. Hartley, Mount Victoria, Blackheath, Medlow bath, Katoomba, Leura, Wentworth Falls. Alternatively drop in and see us at our new office in Katoomba in the New Year, we are located at 164 Katoomba Street (next door to Dominos).
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