The Sydney market grew by an average of 4% in 2020, and Mr Raine predicts growth could be stronger again in 2021 because of cheaper money and a shortage of listings.
“We are expecting average growth for Sydney of between 5-8% in 2021, and a similar result for regional NSW.
“It’s been a watershed year for regional NSW with an average growth of 7% as more Sydneysiders fled the city lockdowns to the Central and South Coast, and many regional towns and cities.
“The action hasn’t just been confined to the big regional cities such as Wagga, Bathurst and Orange.
“Even Boorowa, which is a tiny town located 340 kilometres southwest of Sydney, is benefiting. There are homes hitting the market in Boorowa with an asking price of $350,000 is selling for $420,000.
“While more listings might slow this level of growth slightly, I’m expecting markets in regional NSW to continue to roll through 2021 and well into 2022 as more city workers realise they can work remotely, still earn Sydney dollars but live regionally.”