Sydney Market set to Strengthen in 2021 – Experts
The Sydney property market is showing no signs of changing the upward trajectory it began midway through last year, according to three local property market experts.
BFP Property Buyers Founder and Principal Ben Plohl said the start of the new year had been a solid one for the Sydney market with plenty of buyers already active.
“I expect 2021 to be a stand-out in Sydney,” Mr. Plohl said. “The Northern Beaches lockdown over the holidays was an inconvenience but had no impact on the market in my opinion.
“With record low levels of supply and unprecedented demand, we can expect to see a strong seller’s market to continue in Sydney this year.”
Sydney supply constraints to continue
Grant Foley, Buyer’s Agent at Grant Foley Property, expects dwelling prices in the Greater Sydney market to increase by six to 10 per cent this year.
“Stronger growth will be experienced for established family homes in the inner-ring and lifestyle locations such as the Northern Beaches and Sutherland Shire,” Mr. Foley said.
“Demand for a new-build house and land packages will continue to be driven by first home buyers and associated government grants.
“But the new-build apartment market will continue to limp along, hamstrung by a reduced level of foreign students/buyers and changing consumer preferences.”
Northern Beaches remains strong
STRAND Property Group Director and Northern Beaches specialist buyer’s agent Michael Ossitt said the strong market conditions were set to continue this year.
“The Northern Beaches market rebounded strongly in the last quarter of 2020, given the continued lack of listings and an increase in demand from buyers,” Mr. Ossitt said.
“I expect the market to continue to strengthen through 2021 even with an expectant rise of new listings after Australia Day, as buyer activity also increases.”