Avalon Beach has been projected to have an increase in property listings in the next six months and it’s welcome news for investors who dream of buying a house or unit in one of Sydney’s most sought-after areas.
Westpac released its latest projections for property availability amidst rising demands, increased competition among buyers, and lack of supply. Managing Director of Mortgages Anthony Hughes said that more homeowners (39 percent) are considering selling their homes, motivated by the fact that they could get a good return if they unload during the current real estate climate.
The company commissioned the survey among 2,017 Australians, which was completed in May 2021. Data also showed that one in five of the respondents said that were discouraged to buy as there weren’t enough listing.
However, that trend could soon change and temper down the soaring demand as many homeowners realise the potential of their properties.
“For the first time, more homeowners are telling us increased infrastructure and amenities in their desired area is also motivating them to sell, with public transport, local shops and parks ranking as the most desirable suburban features,” Mr Hughes said.
Below are the top areas in Sydney where homeowners are likely to sell their house or unit in the next six months.
Per realestate.com.au, Avalon Beach’s median property price as of June 2021 stands at $2.5 million for houses and $1.088 million for units. The suburb has seen a compound growth rate of 11 percent in the last five years.