UDIA NSW CEO Steve Mann reviews the NSW property market By Isabelle Harris
The property sector is booming this year – and understandably, everyone wants to know what’s going to happen next. New South Wales is no exception – sales settlements continue to track strongly, with significant year-on-year growth being recorded throughout 2021.
interest rates and pent up demand, especially post COVID. It’s also been driven by first home buyers utilising Government incentives.
PEXA’s Senior Research Manager Mike Gill spoke to Urban Development Institute of Australia – NSW CEO Steve Mann at the recent PropertyX Connect event in Sydney to answer industry’s burning questions on current market performance, trends, and what we can expect to see in NSW over the coming months.
This segment needed to come back as they’ve been out of the market for some time, in part due to rising actual prices and property affordability.
Mike: How are you seeing the current market and how is this cycle different to other turns we’ve seen? Steve: It’s definitely an exciting market in New South Wales right now. We’re seeing a lot of growth – in Sydney, this is likely largely because of record low 4
On the other hand, the media has reported that housing finance has gone through the roof, but I wouldn’t be so sure. When we look at the annual change it has gone up, but when you look at the change from the peak, most of the markets in Sydney and key regional markets in NSW, they haven’t hit the peak we saw in 2018 despite strong rebounds from the pandemic. Mike: How are the greenfield and the off the plan markets tracking?
