Wentworth Point, Newington & Olympic Park (2127)

Annual Market Report 2021

2021 in review

2021 has rewritten the property record books as a year which delivered an unprecedented boom and significant growth, leaving a blaze of extraordinary results and the fastest paced price rise in more than three decades.

We exchanged over $120m worth of property in 2021, rising to the occasion for every opportunity presented, even throughout a changeable and turbulent three month lockdown period.

While we supported a record 82 people to become first home buyers this year, an ideal market environment formed by the fusion of many factors - low interest rates, disproportionate demand and supply ratio, increased household savings, lending and refinancing, government support measures, and desire for lifestyle - helped propel our work to historic highs for the buyers and sellers we proudly represented. 

With the limited number of quality properties attracting multiple buyers keen to purchase, many were confident and compelled to make quick decisions this year, as competition cultivated premium purchase prices to ultimately raise the bar on local property records and median prices. 

We exchanged 5 in December, bringing our yearly sales to 166 for the year - compared to 90 this time last year - all while maintaining a consistently low median of 27 days on market compared to the suburb average of 70. 

Over the past twelve months, Sydney house prices rose over 24% with Wentworth Point recording consecutive monthly increases at an overall 8.3%, landing December's median at the impressive new high of $743,000, while Newington and Sydney Olympic Park each recorded exceptional growth as well. 

With the toughest covid restrictions well behind us, new listings have been given the opportunity to soar 22.8% in the last three months, making for a robust spring selling season and perhaps an indication of continuation for the bustling property market. While we may not be able to predict what lies ahead, one thing that's certain is the outstanding performance this year has displayed, and undoubted growth capability Wentworth Point and the 2127 area continues to deliver.

 

Sales activity

Our team sold 166 properties over 2021 representing a 84% increase on our numbers last year (90), with 135 of these sales within the 2127 postcode. 53 of these properties were sold off market, or 32% of our total sales for the year. 

We responded to 4,542 buyer enquiries across 156 individual properties, and conducted 4,394 buyer inspections through 188 homes.
 

The vast majority of our buyers this year continued to be owner occupiers (87%), with the remaining 13% people choosing to invest in all that Wentworth Point and surrounds has to offer. First home buyers were the most active across the year who accounted for 75% of our sales, followed by downsizers (16%), seachange (4%) and upsizers (5%).

In reflecting on the success of 2021, 459 property sales took place in Wentworth Point, representing a transaction increase of 45% over the past 12 months. We also saw a consecutive increase in the median price for the area from $686,200 in January to $743,000 in December, a rise of 8.3%.

 

Auction Report

December saw a small rise in auctions scheduled to take place in Wentworth Point. Of these, three properties sold prior to auction, one successfully sold at auction, two were withdrawn and two passed in. These results delivered an overall clearance rate of 50%.


Overall in 2021, there were 68 local auctions conducted with an average clearance rate of 53%, an increase on the 2020 clearance rate of 48%, where 63 auctions took place.

These auction figures account for approximately 15% of all sales in the area this year, with the remaining 85% being sold by private treaty. 
 

 

  • Lowest Sale Price (Dec 2021)
    361/3 Baywater Drive, Wentworth Point
    Apartment Sold $506,000
  • Highest Sale Price (Dec 2021)
    14 Perkins Avenue, Newington
    Apartment Sold $2,150,000

Sydney Olympic Park

Three sales out of nine new property listings took place in Sydney Olympic Park over December, and 73 properties are currently listed for sale in the suburb.

Overall in 2021, there were 65 total property sales in the area and an increase in the median price from $720,400 in January to $789,700 in December, a rise of 9.6%

 


Newington

Observing the performance of in Newington, Eight sales took place over December, comprising of six houses and two apartments.

Five auctions were conducted, with two properties successfully selling on the day, and three selling prior, producing a faultless clearance rate of 100%.

There are currently 11 active listings in Newington - eight apartments and three houses. 

Overall in 2021, there were 66 total property sales in the area and the median price saw an increase of 10.4% for units and an increase of 29% for houses. 

 

 

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Our Results

166
Properties Sold in 2021

27
Our average days on market

70
Area average days on market

 

We've exchanged 166 properties in 2021, as stable supply levels, partnered with strong buyer confidence continue to drive activity in the area.

Our average days on market currently sit at 27 days and is substantially lower than the wider area's average days on market, currently at 70 days.

 

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Testimonials

  • “If Australian business adopted the “Chidiac” model of customer care we would be in a far better place.
    MARK - May 2022

    I have been a tennant for 2 years and nothing has ever been a problem when I have been in contact with Daniela or Frank,in Property Management-Professionalism,Respect,Promise to the extreme!”

  • Listened and Helped
    Lyn - October 2021

    Cristian is a wonderful agent. I was looking for an apartment in Wentworth Point and he actually listened to what I wanted and helped send me listings relevant to my needs. He followed up (politely!) for over 6 months of me looking. I always felt he had my best interests at heart. If I were to sell in the area I would contact him. I believe this whole agency is just as good (though I cannot verify as I only worked with Cristian).

  • Super responsive
    Tom Harkness - October 2021

    Best real estate that I have ever dealt with. Super responsive, quick to get things done and just good people. 11/10 would recommend

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What we've achieved

RECORD SALES
PRICE

For Wentworth Point
at $1,700,000 for 2019-2021

LEADING AGENT
POSITION

With 35% market share in
Wentworth Point for 2019-2021

LEADING SELLER OF 
APARTMENTS

In the entire Inner West
for 2019-2021


​​​​​​LOWEST AVERAGE DAYS
ON MARKET

At 27 days for
2021

160+ PROPERTY SALES


In the past 12 months

44% SOLD OFF
MARKET

Through our extensive client
database for 2021

 

Residential Rental Market

December saw an expected 17% drop in rental properties on the market compared to November, but this did not impact rental performance. We leased 38 properties this month, a year on year increase of 60% and a strong end to the best year we've had on record.

2021 proved to be a year of resilience for the rental market, irrespective of unforeseeable restrictions and change. The bounceback from 2020 displayed this year saw us produce over $16m worth of rental income for our valued clients, linking 560 tenants with their next home to bring in the New Year.

This record performance is supported by our consistently low average of 14 days on market, while the local area average sits firmly at 31. While our median has remained comparatively lower each month this year, December marks the most significant disparity so far.

We have great optimism about what is in store for the rental market in 2022, with confident predictions that demand will continue to pick up and rental prices will follow, particularly once international borders reopen and the rental market welcomes the return of students once again.

Nationally, Australia has recorded its highest annual rental price surge since 2008, with the shortage of stock and high demand for property responsible for the rental jump, with the typical dwelling 7.2% more expensive to rent than this time last year.

 

Rental Activity

14
Average days on market

38
Leased this month

526
Number of properties Leased to date 2021

 

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