Considering the COVID-19 pandemic, property purchasing trends have changed dramatically in the last two years. Areas that were most popular prior to the pandemic have lost popularity, and other previously less desired areas are in more demand than ever.
The latest January 2022 data from InfoTrack’s Conveyancing Data Insights Report: Days on Market reveals patterns from NSW real estate transaction data and provides guidance on suburbs within NSW where you can grow your business, in line with property purchasing trends.
Prior to the pandemic, properties in Greater Sydney were far more popular than homes in regional areas. Now we are seeing that the number of days on market is decreasing in regional areas (meaning properties are being snapped up faster than ever), while properties in suburbs closer to Sydney are remaining on the market for longer.
We compared five NSW suburbs, two within Sydney and three in regional locations to discover the impact COVID-19 has had on the popularity of properties. With this information, you gain a wider understanding of your client’s needs and can assess the geographical areas that you may wish to offer your services to grow your firm in 2022.
The five postcodes we looked at across New South Wales were:
Covering the suburbs of Lugarno, Peakhurst, Peakhurst Heights, and Riverwood in Sydney’s St George area, 2210 was a popular postcode prior to the pandemic, with lower than state average days on market. However, in the last two years the number of days on market has risen to above state average. From this data, we can see that in 2020 and 2021, the NSW state average is 64- 59 days respectively on market, whilst properties in the 2210 postcode are on the market for slightly longer at 68-64 days respectively. We know that at the beginning of the pandemic, consumer confidence fell, and the widespread introduction of remote working caused many to reassess what they needed in a property and overall, in work/life balance.
2. 2128
Silverwater in Sydney’s West was a very popular suburb prior to 2020, with the average number of days a property spent on market aligned with, or below the state average.
Silverwater is a suburb in western Sydney, located 15 kilometres west of the Sydney central business district within the local government area of City of Parramatta. The suburb would likely be popular with younger or first home buyers who are looking for larger properties, still within a reasonable, commutable distance from the Sydney CBD.
In 2020 however, days on market for properties in this postcode were double the state average as home buyers saw less need for proximity to the city and consumer confidence in the property market was low. The pandemic saw many reduce their risk and stay put.
The 2021 data shows Silverwater coming back in popularity, contributing to a fall in the number of days that properties in this area were on the market for, but overall, the suburb remains less popular than it was in 2019.
3. 2578
Bundanoon, in the NSW Southern Highlands, is one suburb that has benefitted from the COVID-19 pandemic. In 2019, properties in this area spent almost 3 times as long on the market compared to the state average. This decreased significantly in 2020 and remained close to state average throughout 2021. Being a roughly 90-minute car drive to the Sydney CBD, Bundanoon is becoming a tree-change option for those who still work in the city.
4. 2539
The NSW South Coast has seen a substantial decrease in the number of days properties are on the market. In 2019, properties in the 2539 postcode, including the suburbs of Mollymook and Ulladulla were on the market for almost three times longer than the state average. 2020 and 2021, however, the data shows a significant decrease in days these properties are on the market, bringing average time on the market to within a week of state average.
5. 2650
Similarly to the South Coast, Wagga Wagga and surrounding suburbs have also seen a consistent decrease in the amount of time spent on market since 2019. In 2021, properties here were on the market only 2 days longer than state average.
With remote working becoming the norm for many over the last two years, purchasers aren’t seeing a need to live close to the city. The newfound ability to work remotely has allowed people to move away from the city to regional locations.
If you are looking for information on a different suburb to those lists, download a complimentary Days on Market report for the postcode of your choice. Data in the report is updated monthly, with the most recent insights being released in January 2022. The most recent report offers a deep dive into information throughout all of 2021 so you can see a year in review of how suburbs performed in the areas where you offer your services.
If you are looking to grow your property matter profile, the Conveyancing Data Insights: Days on Market and First Home Buyer reports allows you to:
Or, if you are interested in expanding your offerings to other locations, these complimentary reports can help you make the decision if growing your business into a particular area is the right move for you. Each month we update the data inside these reports providing you with the opportunity to download a new report with fresh statistics, keeping your business at the forefront of your industry.
If you would like access to this report and more complimentary resources to grow your business, get started with InfoTrack today.
