Sydneysiders have fled to the South Coast since the advent of working from home, but the resultant property boom has been as chaotic as is has been lucrative. One property Rachel Lea, principal of Century 21 in Nowra sold last year went for $65,000 over the asking price. "I've been in real estate for 27 years and I've never seen anything like it," she said. "We've had four market seasons in one year, and those seasons usually take a decade." The year began quietly, but picked up steam around July. READ MORE: And the boom has extended to areas further from the beach, like Nowra and Bomaderry. The rush was driven by Sydneysiders looking for a better quality of life, with one buyer able to go from a one-bedroom apartment in Ultimo to a four bedroom home in Huskisson, Ms Lea said. There has also been an increase in demand for rental properties. "We had seight duplexes last year, and every one has been leased," Ms Lea said. "The first one went for $420 a week, the last one for $460. One person offered $500 a week for it. "We are concerned we're going to see good people, families with jobs, living out of a car because they can't get a place." While it's a good time to be a landlord or a selling a house now, that may change. It looks as though 2021 may be just as unpredictable as 2020. Ms Lea flagged the uncertain future of JobKeeper as just one challange. "It will have an impact, people might not have the borrowing capacity they do today," she said.
Sydneysiders have fled to the South Coast since the advent of working from home, but the resultant property boom has been as chaotic as is has been lucrative.
One property Rachel Lea, principal of Century 21 in Nowra sold last year went for $65,000 over the asking price.
"I've been in real estate for 27 years and I've never seen anything like it," she said.
"We've had four market seasons in one year, and those seasons usually take a decade."
The year began quietly, but picked up steam around July.
And the boom has extended to areas further from the beach, like Nowra and Bomaderry.
The rush was driven by Sydneysiders looking for a better quality of life, with one buyer able to go from a one-bedroom apartment in Ultimo to a four bedroom home in Huskisson, Ms Lea said.
There has also been an increase in demand for rental properties.
"We had seight duplexes last year, and every one has been leased," Ms Lea said.
"The first one went for $420 a week, the last one for $460. One person offered $500 a week for it.
"We are concerned we're going to see good people, families with jobs, living out of a car because they can't get a place."
While it's a good time to be a landlord or a selling a house now, that may change.
It looks as though 2021 may be just as unpredictable as 2020.
Ms Lea flagged the uncertain future of JobKeeper as just one challange.
"It will have an impact, people might not have the borrowing capacity they do today," she said.
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