Another week has passed with another record price achieved. 302/5 Wentworth Place was placed under contract after just 13 days on the market - the two bedroom, one bathroom, and enormous alfresco courtyard property setting yet another record price for similar dwelling types in the area this year, and we expect the bar to keep raising as prices bloom week to week.
With another three properties exchanged in the last seven days, the demand we’re seeing from buyers remains unchanged as people move to capitalise on the right purchase while value remains. The NSW Government has confirmed that Wentworth Point can expect its first high school in the near future, as the livability of the suburb continues to thrive, likely to attract more families to settle in, longer term.
Our residential property prices are predicted to rise higher than the global average forecasted for 2021, and Sydneysiders can expect 3% growth, compared to the worldwide increase of 2%. Knight Frank's Prime Global Forecast for 2021 groups Sydney alongside major global cities like London, Paris, Berlin and Madrid as locations where price rebounds are expected to occur, bolstered by their firm market foundations of consistent demand, supply shortages and low interest rates.
With the emergence of a New Year, Sydney’s price expectations will only benefit further from the continuation of economic stimulus throughout 2021. RBA research has now documented the effectiveness of the JobKeeper subsidy scheme in mitigating employment declines and retaining the strength of our economy, expressing its full support for an extension.
The subsidy supported 3.5m workers across 900,000 businesses in its first six months, preventing the loss of an additional 700,000 jobs - with overall job losses expected to have been double without it. With Australian banks and governments suitably placed to keep lines of credit and stimulus flowing, our capacity to ensure economic recovery rolls on into 2021 remains high.
