Has Covid and this current lockdown challenged you into re-thinking where and how you live?
You are not alone. Home owners are placing more value on property than ever before, sending house prices into the stratosphere!
As NSW plunges deeper into lockdown during the latest Covid-19 outbreak, more value is placed being “stuck” in a bigger, more comfortable home with a study, indoor and outdoor space and nearby beaches and parks.
“If buyers value that extra land and that slightly bigger backyard a bit more, that will mean those properties that have that feature will go up in price” according to realestate.com.au economist Paul Ryan.
There are well heeled, cashed up buyers out there trading luxurious overseas holidays for larger properties to help make lockdowns as comfortable as possible and ultra-low interest rates also makes it an attractive trade off.
This is particularly evident on the Northern Beaches, where the median house price grew to $2.6 million, soaring 38.7 in the past year – the largest growth for any Sydney region.
One of the few things people can focus on besides lockdown and working from home is their home and their surroundings – working from home can be a challenge without a permanent dedicated space. 18 months ago a study wouldn’t necessarily add any value, whereas now it’s one of the non-negotiable items on a buyer’s list.
If you are thinking of selling in this current hot market – maybe you should be thinking about marketing that spare unused bedroom as a study!