Date Time
Year ahead: 2021 market outlook
Against all odds, the housing market was strong in New South Wales in 2020. The positive end to the year in terms of transactional activity and prices creates real momentum heading into the new year, says Tim McKibbin, CEO of the Real Estate Institute of NSW (REINSW).
“While residential housing has been largely unaffected by COVID-19, the market is poised to play an influential role in the economic recovery,” Mr McKibbin says.
Price pressures
“In most locations around the state, prices ended the year higher than where they began. We expect this momentum to carry through 2021, with the fundamental supply shortage and robust demand helping to keep prices trending upwards,” he says.