Concord Reaches New Record Price of $5.9m.

February has brought peak growth with it, and we’ve been in the thick of it with consistently incredible results across the board this month. 

It’s a misconception that only new or grand homes achieve peak prices. We sold a townhouse that was over five years old for $1.612m at auction this week, a result higher than some comparable brand new townhouses in the suburb. We also facilitated the off market sale of a small knock down rebuild opportunity in Mortlake, fetching $1.7m.

Impressively, Concord smashed a new record price of $5.9 million, serving as a valuable reminder of just how prestigious and coveted our Inner West location is. 

As the average property price in Concord rises a few notches higher, the suburb is fast surpassing some of its neighbouring areas which have historically held higher medians.

Check out just some of our spectacular results in Concord alone this month:

• 7 Links Avenue, Concord topped $4m.
• 2a Lansdowne Street, Concord took out over $3.1m. 
• 2 Loch Maree Parade, Concord West went for approx $2.74m

Revised forecasts
Figures like this are completely in line with the stream of recently revised economic forecasts from the big four banks. Westpac is the latest to announce their revised property forecast,i and it remains the most significant prediction so far, changing their tune from a 4% expectation in September, to 20% gains over 2021 and 2022. 

Rising medians
Corelogic has also reported the fastest rise in Australian home values in 17 years, with the last time we saw a consistent period of growth across every capital city being in 2009-2010’s post-GFC stimulus fuelled market.

Australian home values grews 2.1% nationally in February, with Sydney among one of the strongest performing markets, recording a 2.5% lift.

Affordability on the rise
Whilst prices have certainly shown significant signs of resilience in returning to their pre-pandemic levels, currently in line with 2017 peak levels, it is important to remember that the ability to purchase a home has greatly improved since this time. 

In a buying market completely different at present thanks to interest rate cuts, cheaper finance, and households with stable incomes saving more money and bigger deposits than ever before, affordability has become easier. 

Consistency is key
With interest rates remaining at record lows for an extended period time, real estate values are benefiting from strong buyer activity and ability, with Sydney median prices set to jump from $1.034 million to $1.24 million by 2023, so we can expect the momentum to continue for an extended period of time. 

All of these movements are supported by the latest data from realestate.com.au which reported the website reached a record number of monthly visitors over January, and saw its phone app take up increase a major 62% since this time last year.