Another week has welcomed another record sale. We reached a new building record for a resale apartment with 1706/17 Wentworth Place achieving $1.28m after just 16 days on the market with us, it was previously on the market for nine months with another agent.
The person who made this opportunity theirs was relocating from interstate, instantly connecting with the suburb’s beauty and lifestyle offerings after one visit. Knowing they had found the ideal place to settle in, they secured the property with an immediacy and assurance that have become common buyer behaviours in the current, fast-paced market.
Recent RP data confirms the second consecutive rise in the median price for Wentworth Point properties, with January 2021 figures reporting $686.2k, a 0.57% increase from December 2020. The stats strongly support the anecdotal increase in buyer activity we’ve seen since over the last few months, and indicate further price growth ahead as current indicators lag behind.
The documented price increases support the views we’re now hearing from a string of economists who have followed NAB in reneging negative predictions made for the housing market last year. With 2020’s global uncertainty replaced with a clearer vision on Australia’s position in 2021, CBA has announced its revised forecast of a 16% national property rise over the next two years.
Whilst prices have already bounced back to pre-pandemic levels and currently sit at the 2017 peak, housing affordability has certainly improved. The market environment is completely different at present, experiencing significant interest rate cuts since that time, enabling the cost of borrowing to be far less, and with multiple factors allowing people to save more money than ever.
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