Real estate market looking strong for 2021

SOLD: 20 Cumbee Lane, Caringbah South was on the market for less than 10 days. Picture: Supplied.
SOLD: 20 Cumbee Lane, Caringbah South was on the market for less than 10 days. Picture: Supplied.

Experts say the real estate market should become stronger in 2021 after the economy went into recession in 2020.

Like many other industries, the real estate sector had its challenges last year, which hampered typical selling and buying and dragged down property prices.

According to Shire and St George real-estate agents, auction clearance rates are on the rise.

Highland Property Agents say selling a luxury property at Caringbah South before auction is a clear indicator the market has bounced back.

"The property at 20 Cumbee Lane was on the market for less than 10 days," the Highland spokesperson said.

"The deep waterfront home sold for $4,612,000 and was successfully sold before auction after a competitive negotiation between several interested buyers.

"This sale was above the auction guide, as well as the vendor's expectations which made for a seamless and memorable sales process.

"These results show strength amongst the prestige property market."

McGrath Estate agents Principal Matthew King said his agency had more buyers in January 2021 than in any prior January.

VILLA: 1/71 St Georges Road, Bexley. Picture: supplied.

VILLA: 1/71 St Georges Road, Bexley. Picture: supplied.

"We have had more buyers go through our agency in January 2021 than in the last 15 years of (January) business," he said.

"We have averaged 36 groups through each open home per property this month, that's a good indicator that the market, in general, has improved dramatically.

"Last year we found houses were hot and units and villas were a bit soft, but in January, buyers for St George units and villas have quadrupled.

"We recently auctioned a villa in Bexley (1/71 St Georges Rd) it had a reserve price of $750,000 and we sold it for $810, 000. We had nine buyers registered at that auction.

"Things are looking pretty good for 2021."

Banking experts say improving consumer sentiment, low-interest rates and cashed-up households were fuelling price growth.

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