Sydney’s extended lockdown has boosted buyer enthusiasm across regional New South Wales, with inquiries increasing for apartments in coastal areas.
St Trinity Property Group has found interest in off-the-plan apartments outside Greater Sydney to be on the rise, especially in coastal areas.
Many potential buyers have also been attracted by the relative affordability of apartments compared to houses.
Australian dwelling values rose 13.5 per cent in the 2020-21 financial year, the highest annual growth rate since April 2004. Dwelling value changes for the financial year were at 21.1 per cent across regional NSW, according to CoreLogic.
This huge demand has continued at a high rate, with owner-occupiers, first-home buyers and investors alike keen to inquire and know more about these properties.
A popular choice during the pandemic is virtual inspections, drawing buyers in with the ability to inspect a property from the comfort of their home.
High home prices have also pushed many home buyers and investors to coastal areas that are still in close proximity to town centres and local amenities with affordable pricing.
These are the signs that property values will continue to rise throughout the remainder of the year and beyond.
REA Insights recently noted that demand for units has increased the most over the past year, rising 10 per cent.
An influx of first-home buyers over the past year has contributed to the increase in interest for apartments.
Demand is likely to remain at elevated levels over the coming months as interest in the property market remains high.
St Trinity Property Group Managing Director Nicholas El-Khoury noted this was primarily due to interest rates being so low, that it has been cheaper to buy than to rent in many locations.
He went on to explain that more buyers were looking for healthy lifestyle and community living, adding that he saw value in future-proofed properties with no stairs.
Since working from home has increased due to the pandemic, areas outside Greater Sydney are seeing a huge growth in desirability.
Buyers have been seeking more space for work or study, which allows them to not commute into the city as often.
Mr El-Khoury said now is an ideal time to purchase property, especially in coastal regions on the outskirts of Greater Sydney.
