What a year its been, and what ride for real estate!
Like a lot of businesses, real estate agencies went through shutdowns earlier in the year, and then a series of reinventions to work within Covid-19 restrictions and social distancing, which included virtual home inspections, private walk-throughs, booked viewings and zoom auctions.
While some experts predicted a slump and commercial property has vacancies in the area, the reduced inventory in residential has more than made up for the challenges, and prices continue to hold strong and rise with demand.
HOUSE PRICE MEDIAN
3 BR: Buy $1,807,500 > Rent $700 per week
4 BR Buy $2,150,000 > Rent $875 per week
UNIT PRICE MEDIAN
2 BR: Buy $640,000 > Rent $360 per week
3 BR: Buy $1,114,000 > Rent $625 per week
In the first week of December, George Sorras from Raine and Horne Concord confirmed this recent increase when their property at 58 Wilga Street, Concord West sold for $560k above the reserve, Mr Sorras saying "there is a lot of competition and it has gone berserk".
RealEstate.com.au shows that Concord is a "High Demand market" averaging over 2,600 visits per property compared to an average of less than 1,500 across NSW.
The area's popularity is fueled by its desirability for "established couples and families", that make up almost 1/4 of our suburbs population. Mr Sorras agreed by saying "these properties continue to be a huge hit with families."
To learn more about the real estate market in Concord, and entire 2137, 2138 area, get in contact with the team at Raine and Horne Concord, or any of the other local great real estate agents and agencies, all very happy to chat to you about buying, selling and investments.