The detached houses market in the Sutherland and St George areas is alive and well according to a Cronulla estate agent, whose experiences are reflected in a new industry report.
A house at 10 Trevalsa Place, Burraneer went for $345,000 above its reserve last week, selling at auction for $3,445,000, after a huge 223 potential buyers inspected the property.
During a five-week Facebook campaign, the property listing amassed 535,253 page views, mostly from the 25-to-35-year-old age group.
According to Mitchell Wynn, Partner - Sales at Highland Property, the lack of "quality" stock on the market at that postcode led to 13 families registering to bid on the 5 bedroom, 3 bathroom house on the day.
"Quality upsizers are looking for bigger and better homes at better locations. The fact we had 200-odd groups through the home was a surprise - that was well and truly above the norm," he said.
More people were looking for quality houses on good blocks after the global pandemic forced many to spend more time at home, Mr Wynn said.
"About 40 per cent of buyers are from out of the area, people coming from the eastern suburbs and inner west, coming out of terraces and apartments, who are virtually selling and buying in the same price point but getting a big block with a garage and pool and multiple living spaces," he said.
"This is compared to a pre-Covid market when out-of-area buyers were around 20 to 30 per cent."
Mr Wynn said house sales were also looking good in South Cronulla and Woolooware.
The upswing is reflected in the Housing Industry Association's (HIA) National Outlook for Spring, which reported confidence in the Australian housing market had rebounded faster than the experts had anticipated.
"The combined impact of stimulus, the change in household behaviour and the resilience of the national economy are pulling the housing market forward. This will see the detached housing market pull the national economy forward out of the COVID recession," the report stated.
The outlook for detached home building was also optimistic, according to the report:
The outlook for multi-units, particularly for those five floors and above, remained poor.
Sarah Falson
Daily Liberal journalist. I love telling people's stories. Get in touch at sarah.falson@austcommunitymedia.com.au
Daily Liberal journalist. I love telling people's stories. Get in touch at sarah.falson@austcommunitymedia.com.au
