A Rise in Demand for Three-Bedroom Units
Strong Sydney Property Market
Sydney’s property market is expected to keep getting stronger in 2021. With record-low rates and stock levels, there is unprecedented demand and increased buyer attention is to continue in this year.
Buyer demand is up by as much as 30% in some Sydney suburbs, while average Sydney property values have increased by 6.2% over the last quarter.
COVID-19 has changed the way we use our homes, and for property buyers it has altered purchasing decisions and wish lists. Despite the tough conditions brought by lockdowns, Real Estate Australia reported 3-bedroom units sales rising by 7% in 2020. Demand for 3-bedroom units remain solid in Sydney, with leads growing by 17%.
Downsizers have always been the driving force behind sales for large 3-bedroom apartments in Sydney’s inner suburbs. However, given the amount of time we’re all spending at home, there is an emerging shift towards buyer and tenant interest in larger 3-bedroom apartments. Many couples including those without children or pets are re-evaluating their needs and looking at three-bedrooms urban properties.
For families, more are drawn to the ease of maintaining an apartment over a bigger house. As well as the affordability aspect combined with the benefits of staying near the city with more square footage to work and learn from home. People are realising that it’s possible to still have a family lifestyle when you have access to schools, parklands, recreational and entertainment hubs.
Apartments with three bedrooms, two bathrooms and parking are very popular but hard to get. Those few three-bedroom apartments on the market are in high demand from families, downsizers and young professionals working from home or needing a retreat area for fitness or relaxation.
Working-from-home will continue to be the norm for many in some way, shape or form, which will add demand to well considered properties with more space, amenities and conveniently located.
Due to the huge population growth in Sydney, undersupply of family-suitable properties, and low rates, if you’re in the market to buy now is the perfect time.