What’s the go with property prices in South West Sydney?
You may have asked the question if you’re thinking of buying or selling in the area, but might be wondering what state the property market is in. Especially given all the talk of Sydney being hit hard by Covid-19 causing property values to plummet.
But truth be told, when it comes to the real estate bubble, South West Sydney is a world away from the Sydney central business district – operating in a market of its own, and often unaffected by the fluctuations of its distant city neighbour.
And while Sydney’s sales statistics show a downturn in buyer demand over the current quarter, south-west of the metropolitan region, it’s quite the opposite. Buyers and sellers have made a steady return to the market immediately following lockdowns, and activity along with property prices have remained stable over the current quarter.
In the aftermath of Sydney’s rigid lockdowns, while the Sydney metropolitan market tackled declining values, Prudential Real Estate Liverpool saw its single highest listing and sales month in May 2020. And the results have remained positive, with Prudential Real Estate Campbelltown selling four properties and signing two new listings in an impressive two-day period last week.
While no market is immune to the pandemic, it’s a positive sign of a resilient market – and perhaps that South West Sydney is still primed for growth.
Director and Principal of Prudential Real Estate Campbelltown, Michael O’Sullivan, says it’s evident that South West Sydney is on a different trajectory altogether.
“At the moment we can’t say that property prices are declining,” Michael says.
“Perhaps with the benefit of time we might see a 5% decline over the next few years but we really don’t see prices falling off the cliff as people are speculating.
“Despite the pandemic we’ve entered a relatively stable marketplace in the South West and we still expect to see a steady increase in activity towards Christmas if conditions continue as they are.”
If there’s one thing that the steady activity has indicated, it’s that buyers and sellers are eager for the market to return to normality. But as with every positive trend, the key is to take advantage before it’s too late.
And for homeowners considering selling this year, that could mean getting in before the spring and Christmas period – a time when market stock typically increases, creating a great deal more competition when going to sell.
While there is no reliable system for predicting the housing market in any region, South West Sydney’s market stability provides a little more certainty for buyers and sellers who are considering taking the plunge – and a little certainty definitely goes a long way in the world of today.
Thinking of moving? Get in contact with your local Prudential Real Estate office today!
Prudential Real Estate Campbelltown | (02) 4628 0033 | firstname.lastname@example.org
Prudential Real Estate Liverpool | (02) 9822 5999 | email@example.com
Prudential Real Estate Macquarie Fields | (02) 9605 5333 | firstname.lastname@example.org
Prudential Real Estate Narellan | (02) 4624 4400 | email@example.com
For a list of all current open homes at Prudential Real Estate, head to our webpage here.