House buying in Waverley has grown by 12.3 percent, outperforming Sydney as an influx of buyers look for leafy, beachside escapes to spend more time at home and maintain social distancing. Twenty other local government areas in the region show similar growth.
In the latest Domain House Price Report for the last quarter of 2020, Waverley’s house market grew by 12.3 percent with an average price of $3.2 million.
Property experts said that remote working has had Sydneysiders relocating to the beachside, drawn by the appeal of “holiday homes.” Whether investors are looking to move temporarily or permanently, the trend in open houses, which normally averages five groups at a time, saw an increase to 20 groups.
TOP REGIONS FOR HOUSE PRICE GROWTH
| Local Government Area | Dec-20 | YoY Change |
| Byron | $1,150,000 | 26.0% |
| Parkes | $335,000 | 24.1% |
| Kiama | $1,020,000 | 20.0% |
| Shoalhaven | $645,000 | 19.4% |
| Cootamundra-Gundagai Regional | $308,600 | 18.7% |
| Hilltops | $315,500 | 17.3% |
| Ballina | $750,000 | 15.4% |
| Orange | $495,000 | 15.1% |
| Coffs Harbour | $585,000 | 14.7% |
| Lismore | $450,000 | 13.9% |
| Waverley | $3,200,000 | 12.3% |
| Newcastle | $671,500 | 11.9% |
| Port Stephens | $635,000 | 11.8% |
| Wingecarribee | $865,000 | 11.6% |
| Federation | $315,000 | 11.5% |
| Nambucca | $480,000 | 11.4% |
| Yass Valley | $665,000 | 11.2% |
| Bellingen | $635,000 | 11.1% |
| Forbes | $321,500 | 10.9% |
| Wollongong | $775,000 | 10.7% |
The average time for a house to stay in the market has been cut in half as well. The usual three to four months is down to a short stretch of a month or two.
But industry insiders are cautious about the potential risks once Sydney’s international borders open and people resume a normal workplace set-up.
On the flipside, Waverley house rentals, along with Rose Bay and Coogee, have dropped to 12 percent or at a median price of $1,100 a week for the 2020 December quarter.
Domain senior research analyst Nicola Powell said current rental rates are affected by the ongoing border restrictions and an increased supply due to the building boom pre-pandemic. Sites that usually attract new students, new migrants and tourists are hardest hit by the lockdowns.
LARGEST HOUSE RENT FALLS
| Suburb | Median Asking Rent | Annual change |
| Malabar | $950 | -20.8% |
| Double Bay | $1,400 | -20.0% |
| Pyrmont | $700 | -17.6% |
| North Manly | $850 | -14.1% |
| Seaforth | $1,200 | -14.0% |
| Blakehurst | $680 | -13.9% |
| Rose Bay | $1,400 | -12.5% |
| Woollahra | $1,288 | -12.4% |
| Waverley | $1,100 | -12.0% |
| Balmain East | $970 | -11.8% |
However, industry insiders sense the market is slowly picking up in January 2021 as restrictions ease and more workers return to the office.
