tim mckibbin
Tim Mckibbin. Image supplied.
  • As 70% double vaccination target is met, NSW residents will be given greater freedoms
  • Vendors are still not responding to demand from buyers
  • Sydney's asking prices now around $1.67M, according to SQM

Buyers are hungry for property yet vendors are not responding adequately, said Tim McKibbin, the Real Estate Institute of New South Wales (REINSW) CEO, in his weekly remarks.

Mr McKibbin noted that the mood should lift next month across the state as the 70% double vaccination target is met, which will result in re-openings.

As he has mentioned previously, demand is already high for property – its supply that remains low.

“Buyers, we know, are hungry,” said Mr McKibbin.

“But some vendors, strangely, are yet to respond. Whether the end of lockdown encourages those vendors who are still biding their time to list their properties remains to be seen.”

Tim McKibbin, REINSW

He said that week-on-week increases to listings are not as profound as one would expect given the high level of prices being recorded and the fact spring is typically selling season.

“Buyers are showing their hand very clearly. It’s up to vendors to take notice,” he said.

Clearance rates across Sydney have been above 80% which is rare historically but has been commonplace over the past few weeks.

“Agents are working hard to generate enormous interest on auction day and auctioneers’ skills are on show.

“It’s a clear sign of the strength of demand for 15-plus registered bidders to compete for a single property. Once upon a time this was a rare scene but these days, it’s one we’re seeing repeated each weekend.”

Although the pace of growth has stabilised, Mr McKibbin expects the upward price trajectory to continue.

“Consistent, steady price growth is an important consideration for vendors who are purchasing back into the same market they’re selling in. There’s a degree of comfort that comes with a degree of certainty.”

After briefly dipping last month, weekly asking prices for all houses in Greater Sydney is now an eyewatering $1.658 million, according to SQM Research.

Greater Sydney

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