As Greater Sydney enters its fourth week of lockdown, Hunter real estate agent Andrew Kaprilian envisions cashed-up harbour-city buyers may once again be on the cusp of a local property buy-up.
Fed up with restrictions, Sydneysiders, he predicts, are set to once again snap-up Newcastle and Lake Macquarie homes as they transition to regional living, much like they did during 2020 lockdowns.
“After the first Covid lockdown in 2020, Sydney made up around 50% of our buyers,” the Creer Property agent said.
“What we suspect will happen moving forward is the number of Sydney buyers in the Hunter will move from their current position one-in-three, to one-in-two again, as they try to escape lockdowns and work remotely.”
Hesitant Hunter homeowners will need to play their part in maintaining momentum, Mr Kaprilian says.
“A lot of local owners are holding onto their homes in the face of the ongoing uncertainty surrounding Covid-19 this year.
“Traditionally residential property in Australia is thought of as a safe-haven and security for a lot of homeowners.
“With Covid lockdowns and life in general being irregular, people psychologically seem to be holding onto their homes this year rather than on-selling, which we largely suspect is due to the feeling of safety and stability they get from owning their home.
“There is also a view coming from the local sellers of ‘What do we buy if we sell?’ there is really nothing to purchase even if we sell for great money.
Seasonal Trends are also expected to play a part in upcoming Hunter real estate sales.
“Properties for sale traditionally lift towards the end of the year as we enter into spring selling season,” Mr Kaprilian said.
“People wary of putting their home up for sale at present may begin to consider coming to market again. This has the potential to increase stock levels towards the end of the year.
“My view is that the number of properties for sale will continue to remain low at least for the next 8 – 12 weeks, allowing for some exciting and potentially record-breaking results in the near future for any upcoming sellers.”
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