Not long ago many experts were forecasting Australia’s property market would crash as a result of COVID-19.

Instead, we’re now in the midst of a genuine real estate market boom. We look at how COVID-19 is impacting property prices here in Darling Point and what it means if you’re looking to buy or sell.

A resilient national property market

When the pandemic first struck in early 2020, many experts believed our property market would suffer badly. Lockdowns and social distancing understandably made people cautious and market activity dried up. Many vendors decided not to go to market while others withdrew properties listed for sale.

Interestingly, even during the worst of this time, the market held up remarkably well. While buyers waited to see what happened next, price falls were cushioned by a decrease in supply.

This meant that between April 2020 and September 2020, the median unit price in Darling Point decreased by only $10,000, or just over 0.05%, according to data.

The late 2020 uptick

By October, when it appeared that Australia had handled the pandemic well, confidence began returning. We began seeing a noticeable increase in the number of people actively searching for property. Some of these were people who had put their search on hold during the pandemic but others were people who, after spending more time at home, decided now was the time to upgrade or make a change.

These buyers drove the market higher so that, by the end of 2020, the median Darling Point unit price was 2.5% above its pre-COVID peak. This meant our area outperformed the Sydney average, with CoreLogic showing the median Sydney property price listing 1.3% for the final quarter of the year, after falling -1.6% over the September 2020 quarter.

A powerful start to 2021

In early 2021, the national property market then took on a whole new momentum. In Darling Point, we’ve started seeing new levels of activity at open homes and multiple parties bidding at auctions.

At the same time, however, stock levels are actually decreasing. SQM data shows that, in March 2021, there were fewer properties for sale in Sydney than during the height of the pandemic.

While this continues to happen, expect to see prices rise rapidly.

Darling Point Apartments: The figures

These factors have combined to create a substantial spike in local property prices. At the end of March 2021, the median unit price in Darling Point stood at $1,837,500 – a rise of 8.8% since September 2020 and 5.5% since the start of the year.

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This is an incredible performance when you consider where the market was less than a year ago.

Looking to buy or sell in Darling Point?

Sellers should take heart from the fact that there are many buyers right now, many of whom are prepared to make a strong offer to secure a home in what is a rapidly rising market.

If you’re buying, it can be tempting to become deflated, especially if you’ve been outbid on multiple properties. But don’t give in just yet. If you’re prepared to act decisively and to be realistic about the market, there are some amazing homes available.

Want to make Darling Point your home in 2021?

If you’re looking to buy property in Darling Point, there are some fantastic properties for sale right now.

7/15 Thornton Street is an exquisite townhouse with four bedrooms, spectacular harbour views and its own private garden.

13/75 Darling Point Road is a three-bedroom apartment spanning the entire thirteenth floor of the prestigious ‘President Towers’ and boasting world-class panoramic views.

7/54 Darling Point Road is a serene two-bedroom apartment with lock-up garage offering an unrivalled lifestyle in one of Darling Point’s most desirable buildings.

Looking to buy or sell property in Sydney’s Darling Point?

Get in touch with me today.