Our latest figures from the new year indicate that those planning to sell their property in Bondi Junction or surrounds might wish to act sooner rather than later. Let’s take a closer look at the latest numbers from our Bondi Junction real estate agents, and consider where trends might go next in 2021.
Early 2021 figures on residential sales in Bondi Junction
In the 30 days to mid-January 2021 we saw sales listings for residential properties increase 41%, and average days on the market increasing 25% to 145 days. In the 12 months ending December 2020, we’ve seen the median price fall for both houses (currently to $2,015,000) and apartment units ($1,055,000) in Bondi Junction. We’re also seeing demand for units, with four out of five of our December sales being apartments.
What does all this mean? Let’s consider the trends. If new listings and average days on the market both continue to rise, it would be expected that pricing will come under pressure in coming months. Therefore, if you’re thinking about selling in 2021 we believe it will be beneficial to get ahead of the pack and be one of the first properties on the market.
We could have buyers coming through the door of your property in a matter of weeks. Here’s the following timeline as a guide:
Prepare your property for market: Begin now
End of month: Launch the property to the market
Early next month: Begin inspections and marketing campaign
Early next month: Your property goes to auction.
Our team at Wills Property can provide responsive service from highly experienced professionals with a proven track record. Because we don’t have the overheads of other real estate agencies our fees are also lower, providing great value for your sale.
What about rental properties in Sydney’s eastern suburbs?
For those looking to rent out their rental properties in Sydney’s eastern suburbs it’s worth considering the current market with realistic expectations. Together with a recent influx of new apartments, closed borders and the ongoing impacts of COVID-19, it’s a case of renters’ choice right now. Landlords who have been proactively working with their agents and meeting their tenants’ individual circumstances have been better sheltered from these factors. We expect that realistic pricing and professional presentation will be key elements moving forward in 2021.
If you’d like to move ahead with your plans or simply discuss what the right next step might be for you, you can get in touch with our real estate agents in Sydney’s eastern suburbs. Our experienced agents can help guide you through your options and provide up-to-date insights on the local market.