With 11 days remaining in November, we’ve already exchanged eight properties. This includes four sales this week, two of which were unconditional, and one new record price.
We also listed and sold a two bedroom apartment (1908/2 Waterways Street, Wentworth Point) to a buyer on our database in under seven days, after the property was previously on the market with two other agents for over 18 months. Our one bedroom apartment at 775/4 The Crescent, Wentworth Point also set a new record price for the waterfront estate, achieving $580,000 as the market continues to show redeeming signs of real growth nearing the end of 2020.
The growth is set to continue. ANZ economists have officially forecasted a 9% rise in property prices throughout 2021, a vastly different view from their admittedly “too pessimistic” prediction of the 10% plummet that never materialised this year. The latest ABS housing finance data supports this new forecast as the volume of finance for property increased 5.9% in September, taking the quarterly increase to 20% which is the highest quarterly growth rate on record.
This week’s 2020-21 State Budget also includes a plan to potentially phase out stamp duty. The revised tax model will be open for public consultation until March 2021, proposing the option of an immediate lump sum payment similar to stamp duty, or an annual land tax instead. We’ll continue to evaluate exactly what this means for buyers, as it develops next year.
With stock levels tight, we expect this trend to continue for the remainder of the year as a key driver of the market’s resilience and growth. Wentworth Point currently has just 105 properties available for sale*, with 17 sold in the suburb this month. Despite the supply shortage, quality properties and value for money remains.
