Every NSW suburb’s median house price revealed: what buyers are paying amid lockdown

Far from pulling down the housing market, lockdown has created a new sense of urgency for home buyers and prices in some areas are rising. See what a house in your suburb sells for

Sydney’s lockdown has had a surprise effect on the housing market.

Far from stymieing activity it has actually intensified the current boom in prices by changing the supply and demand dynamic – and the result is that prices are marching upwards again.

Housing experts said lockdown’s biggest impact has been among sellers, who often delayed listing or pulled the plug on auctions but this hesitancy hasn’t been matched by buyers.

Instead, with fewer available homes to choose from and interest rates still at record lows, there has been renewed urgency from buyers.

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Auctioneer and Cooley Auctions director Damien Cooley, widely considered Sydney’s top auctioneer, said it was clear buyers were developing an intense fear of missing out.

This was pushing them to bid more at online auctions – the only auctions permitted under current Covid-restrictions – and buyer competition has ramped up.

Cooley Auctions numbers revealed the average July auction in Sydney attracted eight bidders – well above the level recorded in previous years.

Sellers, in turn, were pocketing an average $150,000 above their reserve prices, the auction house revealed.

My Housing Market economist Andrew Wilson said the most competitive housing markets were losing listings – particularly during the lockdown.

“There are challenges for sellers when listing during these restrictions and there would be some putting it off until after (lockdown) ends,” he said.

“For buyers, that drop in listings may increase the sense of FOMO. There are still ways to purchase, the industry has adapted with things like online auctions, but there is not much available.”

Realestate.com.au director of economic research Cameron Kusher said there would likely be a rebound in listings once lockdown ended but it was clear some buyers wouldn’t be prepared to wait.

“The market had a lot of momentum going into lockdown and with everyone at home there may be those with more time on their hands to think about where they are living,” he said.

CoreLogic research showed recent price rises were sharpest in coastal regions, including the northern beaches and Central Coast.

Property prices in both markets increased by an average of about 25 per cent over the past year.

This Mount Druitt house sold on the weekend for a new suburb record of nearly $2m.

Stone Real Estate agent Eddy Piddington said there were no signs of the northern beaches market slowing down, despite the recent price rises.

Prices in the region had room to continue growing because many of the buyers looking in the area were cashed up from selling expensive eastern suburbs properties, Mr Piddington said.

This meant they were able to pay well above the inflated price tags for homes across the beaches.

Other northern beaches buyers were cashed up expats who had recently sold overseas homes in London and other world cities. Many of these cities had also undergone property booms, Mr Piddington said.

Ray White-Woollahra agent Clay Brodie said some eastern suburbs buyers were going after properties aggressively with the expectation that the market would flare up after lockdown.

“When we went into the first lockdown last year, we didn’t know where we were going and didn’t know if there would be light at end of tunnel,” Mr Brodie said.

“Now, with vaccines, we know there is a way out of things, even if it will take some time. That means the market will keep moving and buyers saw the big growth in prices after last lockdown and sense there is no point in waiting.”

The Southern Highlands region has been another standout market for price rises, with the average home value increasing 26 per cent over the past year, according to CoreLogic.

Above the Reserve Auction Services director Jerome Smith said part of the boom from buyers embracing online auctions during the current lockdown in a way they hadn’t last year.

“They’ve become a lot more accustomed to it, the industry has moved since then,” he said.