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The Australian dream saved us from a potential COVID catastrophe

By Richard Harding

Property is both a major part of the household balance sheet and the Australian economy. For the better half of a century, the Australian dream has been grounded in home ownership. Property has been a vehicle of wealth creation, security and success, and now in the post-pandemic world an all-in-one work-home-family safe haven.  

The property market has been an integral part of the economic resilience of our country throughout the pandemic. Speaking personally, the ability we agents had to continue to work through a full state lockdown, and support local residents to buy and sell, has been a privilege that many other industries weren’t afforded however, it made good sense to keep real estate transactions moving because the Australian dream has at least partly fueled our economic recovery.

Owner occupiers and first home buyers were absolutely central to the resurgent growth market from early 2020 into this year while investors, who at first took a back seat, rejoined the house price party and propelled the market’s momentum in more recent months. 

Growth was unprecedented not only across the Lower North Shore but across the nation. National dwelling values rose 22.2 per cent, comprising a 25.2 percent lift across regional Australia and a 21.3 per cent rise in combined capital city dwelling values in the 12 months to November 2021.

The shift from high to low interest rates boosted borrowing ability and buying power. It also transformed the buyer wish list. Luxurious open plan living, along with enough space and serenity to allow privacy for working from home took precedence for upsizers and downsizers alike. Sunlight, views, and access to local amenities were priorities and subsequently drove up property prices for real estate with those attractive attributes. 

As house prices reached new heights, those same demands for space, light and location began to reshape the rental market. After fear permeated landlords across the Lower North Shore, buoyed by the announcement of a rental moratorium, a rental race ensued. This saw record rental returns for two-bedroom-plus apartments. Decisive renters flocked to the Lower North Shore in the rental upgrade phenomenon and kept the industry on its toes. 

From property management to sales projects, retail, commercial and mortgage broking – the entire real estate industry responded with incredible vigour. If we had the honour of helping you buy, rent, let or sell this year, we trust you are enjoying your new home, new investment or the return on your sale in a market that outperformed every prediction. Every part of our business had an extraordinary year, and I am incredibly proud of the Ray White Lower North Shore Group team. 

While 2022 is forecast to be a year of growth, albeit at a slower pace than this year, now is the time to take a well deserved break and be with your families. It’s important to celebrate coming out on the other side of yet another roller coaster year.

From all of us at Ray White Lower North Shore Group, have a wonderful break and we look forward to seeing you in 2022.

Richard Harding, Co-Founder & Director
0411 875 022
richard.harding@raywhite.com

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