COVID-19 spurring real estate myth

PHOTO: CoreLogic research director Tim Lawless said the sales market remained resilient despite the pandemic. Source: News Corp Australia

Many may have assumed the ongoing pandemic has turned Sydney into a buyer’s market where sellers have to accept big price cuts but the reality is more complicated.

Landing a foot on the property ladder has become easier for buyers since coronavirus put the economy into a tailspin but Sydney has yet to become an all-out buyer’s market.

Sex monster real estate agent – behind bars

Agents said sellers still have a firm footing in price negotiations and home seekers, while in a much more commanding position, still faced buyer competition for properties.

Prices have also remained firm. The city median home price, based on sales of townhouses, units and houses, actually inched up 0.4 per cent over April, according to CoreLogic data.

There was also an 1.1 per cent increase in the median price over March when the country first went into lockdown.

CoreLogic head of research Tim Lawless said prices may begin to drop over May but the housing market remained more resilient than the wider economy.

Pat Munsie and son David, with Devine agent Andrew Kazzi, sold a Strathfield home for $201,000 above reserve. Picture: Gaye GerardSource:News Corp Australia