Cashed-up buyers and renters flock to peninsula

Real estate sales and rentals continue to be strong, even amid the despair of ongoing stay-at-home orders, panic buying and pandemic fatigue.

One may have thought that sales would be down during this period but surprisingly, according to the Principal of Ray White Umina Beach, John Ienna, sales are up, up, up!

“Sales have been strong – plenty of buyers are still active, particularly from Sydney,” Ienna said.

“Our existing stock is nearly sold out and lockdown sales months are equal to months prior to lockdown.

“The same goes for rentals.”

Ienna said that the combination of strong demand and an apprehension to list properties for sale is causing a shortage of listings and ‘upward pressure’ on prices as buyers struggle to find a property.

“A lot of properties are being held back due to [the] lockdown which should see a rush of listings at some stage,” Ienna added.

“For rentals, there is strong demand as people are exiting Sydney.

“We are the most accessible part of the Coast with rail and road access, so we are attracting a lot of tenants and buyers.

“The ability to work from home and minimise [the] commute is driving this demand, with cashed-up tenants and buyers flocking to the market.”

Virtual inspections have now become the first point of showing all properties, with all qualified buyers to be then taken through the property one-on-one.

All tenants are required to apply for the property first in order to further qualify them.

Under the current restrictions, people are eligible to move to a new place of residence or inspect a potential new place of residence within Greater Sydney.

Maisy Rae