Less than a week into May and we’ve exchanged four properties, progressing our number of sales for the year up to 50 so far, 21 of which have been off market.
305/25 Hill Road and 508/53 Hill Road were exchanged off market this week after their first open home, connecting with two buyers from our client network. One of these buyers had experienced the market’s intense competition first hand, missing out on two prior opportunities with us. Approaching the deal with the confidence to put forward their strongest offer, they were able to secure the property fast, notwithstanding competing offers from other buyers.
Our 2021 sales performance remains on an upward trajectory. Our 50 transactions to date represent a 72% increase compared to the 29 sales we’d done this time last year, while the broader market is currently experiencing transaction numbers 31% higher than 2020, reaching 127 local sales at the beginning of May, compared to 97 at the same time last year. We’re currently on track to push through over 100 sales this year, with many of our newer listings branching out into a range of surrounding suburbs. This week, you’ll find six new properties across Wentworth Point, Rhodes and Strathfield - listed below.
As we anticipated, the gradual return of investors to the property market has picked up considerably, adding to the number of active buyers and contributing to greater levels of competition. Supporting our observations is the most current data from the Australian Bureau of Statistics which shows investor lending accounted for more than half of the March rise in loan commitments, up 12.7%. This marks the fastest increase since July 2003, and is 54.3% higher compared to March 2020.
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