The housing market in Sydney is forecast to gain in strength throughout 2021, despite the after-effects of the COVID-19 pandemic that has been raging since early 2020. While the pandemic has changed property buying habits, property values remain strong and have risen year on year.
One effect of the pandemic has been that more people than ever before are now working from home. Many professionals are therefore flocking to purchase scenic properties in the north of Sydney, with focus on coastal areas and the Hills district. Properties in some of the most desirable areas have been selling for more than 15% over the value they would have fetched back in April 2020, when measures to prevent the slow of the virus were at their highest.
One property in Fairlight with an asking price of $3.5 million sold for $3.8 million towards the end of 2020 and this is endemic of the current situation, where demand far outstrips supply. Experts are now forecasting a jump in property prices across the city of anywhere between 5% and 7% over the coming 12 months.
Property prices in Sydney did experience a drop during the spring and summer, when the pandemic was at its worst. However, after falling by 2.9% between April and September, property values have increased steadily month on month up to the start of 2021. Consumer confidence is strong and the economy of the country is bouncing back faster than predicted. Banks are keen to attract new business and there has been a steady decrease in bank loan deferrals – all indicators of a strong recovery for the Australian housing market throughout 2021 and beyond.
Demand for properties in attractive locations is rising rapidly. With many people forced to work from home for the foreseeable future, affluent families are prioritising spending on their homes. West Pennant Hills, Castle Hill and Baulkham Hills in the Hill district are all now forecast to achieve higher than average price growth over the coming months. In the north of Sydney and along the north shore, the Avalon, Mona Vale, Hornsby, Pymble, Bayview and St Ives districts are all predicted to enjoy a significant increase in property values.
Property developer Michael Akkawi specialises in the development of unique lifestyle projects, with a strong focus on aesthetics. The property portfolio of Michael Akkawi is renowned for being of the highest quality both inside and out, with luxurious interiors encased in cutting-edge architectural design. A percentage of all profits generated by Akkawi’s projects goes directly to The Victoria Cross Foundation, a charitable organisation he founded in Australia.
