Alliance Real Estate

With the end of the financial year on June 30th, we are to an extent in a more advanced position with emerging from our COVID-19 lockdown. However, at the time of writing in mid-July, there is a renewed risk of a second wave in Sydney that could send us back to the conditions we experienced in April 2020. In April, we saw price corrections of between 7% to 10% with villas and free-standing family homes being impacted the least and duplexes and older properties being impacted the most. Since April, the local property market has been amazingly resilient, mostly due to strong buyer demand from young families and downsizers. Many owners are bringing their properties forward to market so they can secure a strong result due to a lack of supply and because of the uncertainty of the economy based on the continuation of the pandemic. Auction clearance rates are slightly lower than at the same time last year, but it remains a popular sales method especially as most owners want to sell unconditionally without the delay of a cooling off period. We are finding that buyers are being very selective, and presentation is critical to secure a strong result. Selling properties that are rented is proving difficult due to restricted access to properties. On the investment front, there still is plentiful supply and prospective tenants in reduced numbers. We are noticing pressure on rental prices especially for older homes. Newer properties such as duplexes are renting more easily. The JobKeeper and JobSeeker packages are supporting tenants with paying rent and there could be added pressure on rental payments when these packages are scaled back. The current market is in a better place than we expected back in April. We hope that it continues to be stable and to provide opportunities to everyone. WELCOME LIKE TO KNOW WHAT YOUR PROPERTY IS WORTH? Call us today on 9771 6115 for an obligation-free Market Appraisal. Theo Kalinderidis Principal Jenny Fisher Executive Assistant Andrew Prodromou Director Rema Fakhoury Sales Consultant Tony Kalinderidis Sales Manager Dominika Antalfy Sales Consultant Peter Azar Sales Consultant