Welcome to the sizzling End of Financial Year update on Sydney’s bustling property market, brought to you by Village Property Estate Agents!
Sydney’s inner city property market is booming right now, with house and unit prices climbing for the fifth quarter in a row. According to Domain, annual gains are the best they’ve been in two years.
In early 2024, the average house price in Sydney exceeded $1.6 million for the first time, marking a significant 12.8% increase from its low in December 2022. At the same time, unit prices are also bouncing back, with growth nearly doubling in the March quarter. Apartment prices are now just 0.5% below their December 2021 peak. However, houses are still twice as expensive as units, which shows there’s still a big gap in Sydney’s housing market.
In May 2024, we noticed Sydney’s market hit a new milestone after a -12.4% drop following the January 2022 high. Then it hit bottom a year later and has since jumped by 14.1%. CoreLogic says new listings are above the five-year average because more sellers are getting in on the action in Sydney and Melbourne.
Buyer demand remains robust, and auction clearance rates have stayed high throughout the year, indicating strong and steady interest. Looking forward, we expect the property market to continue its recovery over the next financial year, with potential interest rate cuts delayed until later in the year or early 2025.
This month’s meeting, the Reserve Bank of Australia (RBA) kept the cash rate steady at 4.35%. Click here for details Statement by the Reserve Bank Board: Monetary Policy Decision | Media Releases | RBA.
Thank you for your continued support. We’ll bring you further news and market updates in the next quarterly review.
