Home values at a new record high already

The much anticipated development of Wentworth Point’s first high school has been outlined in formal plans released on behalf of the NSW Department of Education. The valuable addition to the local community will be completed in two stages, accommodating 1,530 students when completed.

 

The plan also details the proposed future Wentworth Point Peninsular Park, an open, green space and adjoining playing field overlooking water on the peninsular’s end. The park will be yet another addition to the many naturally beautiful recreation spaces the suburb offers its residents, and you can read the entire development plan here.

 

This week we facilitated another fast sale after it spent just two weeks on the market. After being previously listed with another agent for more than three months, our sale achieved the highest amount for two bedroom apartments in the building since September 2018.
 

Housing values continued to rise through January and CoreLogic’s national home value index reported a 0.9% increase over the month, with every capital city showing rises. The monthly movement in home values brings prices to a new record high, surpassing pre-COVID levels by 1.0%, and 0.7% higher than the previous September 2017 peak.

 

Most people agree with what the data is telling us. Open Agent’s survey on consumer market sentiment showed impressive results with 82% of respondents believing property prices will indeed increase in the next six months. With interest rates remaining low, and record-prices this early in the year, lending is at an all-time high already and the latest ABS data shows the value of owner-occupier home loans settled in December 2020 was $19.94 billion, a 38.9% on 2019 - fuelled by first-time buyers.

 

Alexander Chidiac
When it comes to dealing with buyers and sellers in Wentworth Point, Rhodes, Newington and throughout this part of the inner west, Alex enjoys an exceptional reputation earned from over 10 years’ experience in the industry.

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