Welcome to Springwood’s Real Estate Market Update for June 2020.
The real estate market has started to move back towards more normal conditions although we expect this to be short lived. Lots of buyers have returned to the market and with a relatively low amount of properties for sale there has been houses selling quickly for reasonable prices. We’re still yet to see the full effects of the economic crisis though with the real estate market artificially propped up by the stimulus measures and the deferral of homeloans.
With this set to end in September, we’re about to enter a period of economic decline likely to last for at least 2-3 years which will result in prices dropping further than the approximate 5% decline since COVID impacted. For anyone thinking of selling, between now and September is going to be the best window to sell likely for 5 odd years. Particularly with there being lots of buyers and limited properties. The best time to sell does depend on your individual circumstances though however it is unlikely prices will be as high as they are now for a very long time.
Let’s look at the numbers for Springwood in June. 8 properties sold in Springwood which is a healthy number and likely a flow on from all the listings brought onto the market in March and April when COVID hit. The median price of these 8 properties is $725,000. This is up significantly from the May median of $570,000 although this isn’t a true indication due to a lot of cheaper properties selling in May or and more expensive properties in June. Looking more broadly, while we feel the market is still definitely down compared to pre-covid, prices seem to have rebounded slightly compared with May although Sydney did record another decline in June which shows the overall market is continuing to drop.
8 new properties also came onto the market in Springwood in June which is a great number with Springwood continuing to defy the current trend of there being a shortage of properties on the market. I hope you have found this update insightful, if there is anything we can do to help you please reach out.
Read more of our blogs