insights - The North Shore Property Market Doesn’t Stop During A Lockdown

The North Shore Property Market Doesn’t Stop During A Lockdown

The North Shore property market doesn’t stop during a lockdown. And what a time to be thinking of buying or selling property! Whilst our offices may be closed, the McConnell Bourn team have sold $77m worth or property over the past few weeks of lockdown, evident we are experiencing an unprecedented demand for houses and apartments across the North Shore. McConnell Bourn’s record-breaking sales numbers for July might come as a surprise to many, but not for the savvy buyers and sellers swept up to their advantage in the momentum.

With the extension of the LGA Restrictions, many of our owners came to realise that waiting to see the end of the lockdown might mean waiting till 2022. As such, clients are realising that it is in fact an opportune time to take advantage of the lower volume of properties currently being offered for sale and the consistently strong buyer appetite. This combination is causing exceptional jumps in the median house price across the North Shore.

COVID restrictions and regulations have certainly changed the way we do things. However, as you can imagine, we’ve left no stone unturned, including investing in the latest technology to ensure we continue to provide our legendary property marketing and negotiation facilities, whilst ensuring we are strictly following COVID restrictions and regulations to protect the health and safety for our clients and the MB team.

Like other agencies, McConnell Bourn have embraced an online auction feature. Ours is called “The Zoom Room” which is proving to be a very successful and popular function. The Zoom Room provides a friendly and easy to access facility as a means of harnessing competition to maximise a sale price, just like in-person auctions do. Harnessing and adapting to this technology, our very own talented and hugely successful Auctioneer Vic Lorusso plays a crucial role in achieving the best possible outcome and sale price on auction day. Vic has mastered the art of teasing out quite literally tens of thousands of unexpected additional sale dollars for vendors who chose McConnell Bourn to market their property.

We believe our Zoom Room is superior to any other online auction technology currently in use in the market and best replicates the benefits of an in-person auction. The success of this new way of transacting property is evident in the sharp rise of the number of sales contracts issued per McConnell Bourn campaign averaging 19, an average of 22 days on market, an average number of registered bidders increasing to 10 and an auction clearance rate of 100%.

In addition to auctions, McConnell Bourn have successfully transacted many properties ‘off market’ over the past few weeks, evident that clients wishing to take advantage of the number of qualified buyers and sell their property without having to undergo a typical campaign is very advantageous in the current climate.

The increased interest in property is by no means restricted to property sales. Our Property Management team have been busy continuing to manage and lease property across the North Shore. In particular, the team are seeing an ongoing demand for available rental properties, particularly houses, which is stabilising rent values.

If you’re thinking of selling, buying or leasing or would like more information of the North Shore property market and how we can safely and effectively look after your property needs please get in touch on 9496 2777.

We’ve definitely got an “Open for Business” sign hanging on our office door.