𝘛𝘩𝘦 𝘏𝘦𝘳𝘳𝘰𝘯 𝘛𝘰𝘥𝘥 𝘞𝘩𝘪𝘵𝘦 (𝘏𝘛𝘞) 𝘔𝘰𝘯𝘵𝘩 𝘪𝘯 𝘙𝘦𝘷𝘪𝘦𝘸 𝘧𝘰𝘳 𝘑𝘶𝘭𝘺 2024 𝘱𝘳𝘰𝘷𝘪𝘥𝘦𝘴 𝘢𝘯 𝘪𝘯-𝘥𝘦𝘱𝘵𝘩 𝘢𝘯𝘢𝘭𝘺𝘴𝘪𝘴 𝘰𝘧 𝘵𝘩𝘦 𝘚𝘺𝘥𝘯𝘦𝘺 𝘳𝘦𝘴𝘪𝘥𝘦𝘯𝘵𝘪𝘢𝘭 𝘱𝘳𝘰𝘱𝘦𝘳𝘵𝘺 𝘮𝘢𝘳𝘬𝘦𝘵. 𝘛𝘩𝘦 𝘳𝘦𝘱𝘰𝘳𝘵 𝘩𝘪𝘨𝘩𝘭𝘪𝘨𝘩𝘵𝘴 𝘬𝘦𝘺 𝘵𝘳𝘦𝘯𝘥𝘴, 𝘱𝘳𝘪𝘤𝘦 𝘮𝘰𝘷𝘦𝘮𝘦𝘯𝘵𝘴, 𝘢𝘯𝘥 𝘮𝘢𝘳𝘬𝘦𝘵 𝘥𝘺𝘯𝘢𝘮𝘪𝘤𝘴 𝘢𝘤𝘳𝘰𝘴𝘴 𝘷𝘢𝘳𝘪𝘰𝘶𝘴 𝘴𝘶𝘣𝘶𝘳𝘣𝘴 𝘢𝘯𝘥 𝘴𝘦𝘨𝘮𝘦𝘯𝘵𝘴 𝘸𝘪𝘵𝘩𝘪𝘯 𝘚𝘺𝘥𝘯𝘦𝘺. 𝘏𝘦𝘳𝘦’𝘴 𝘢 𝘴𝘶𝘮𝘮𝘢𝘳𝘺 𝘰𝘧 𝘵𝘩𝘦 𝘥𝘦𝘵𝘢𝘪𝘭𝘦𝘥 𝘧𝘪𝘯𝘥𝘪𝘯𝘨𝘴 𝘧𝘳𝘰𝘮 𝘵𝘩𝘦 𝘳𝘦𝘱𝘰𝘳𝘵.
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𝐎𝐯𝐞𝐫𝐚𝐥𝐥 𝐌𝐚𝐫𝐤𝐞𝐭 𝐓𝐫𝐞𝐧𝐝𝐬
As of mid-2024, the Sydney property market has experienced one of its flattest periods in recent years. Despite initial optimism for interest rate cuts by mid-year, persistent inflation has postponed any rate reductions until at least November 2024, possibly extending into 2025. Consequently, the Sydney median house value has seen a modest increase of 2.1% year-to-date, reaching $1,441,957. The median unit value has risen by 1.7% to $848,961.
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𝐈𝐧𝐧𝐞𝐫 𝐒𝐲𝐝𝐧𝐞𝐲
The inner Sydney market reflects a nominal recovery from the declines experienced in 2022. CoreLogic data indicates a metropolitan median house price of $1,156,020 as of May 2024.
The unit market, primarily driven by investors, has had a subdued first half of the year due to high cash rates. Property listings in Sydney have increased by 21.7% compared to the previous year, providing ample choices for buyers.
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𝐖𝐞𝐬𝐭𝐞𝐫𝐧 𝐒𝐲𝐝𝐧𝐞𝐲
The past six months have been mostly positive for dwellings in the north-west suburbs, with several areas recording growth. However, the broader market is slowing from previous boom periods.
Castle Hill median prices rose by approximately 3% over six months, reaching $2,317,500. Blacktown median prices increased by 4%, now at $985,000. Penrith median prices rose by 2%, reaching $900,000.
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𝐍𝐨𝐫𝐭𝐡𝐞𝐫𝐧 𝐁𝐞𝐚𝐜𝐡𝐞𝐬
The Northern Beaches market has begun to stabilize despite challenges like fluctuating interest rates and rising living costs. Strong stock levels have helped maintain market stability.
Areas like Waitara and Hornsby have seen slight increases in median unit prices, reflecting a positive trend despite economic challenges.
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𝐍𝐨𝐫𝐭𝐡 𝐒𝐡𝐨𝐫𝐞
The prestige market on the North Shore remains buoyant, with high-quality properties achieving strong sale prices. Mosman continues to be a prime indicator of market conditions, with significant sales such as 46 The Grove, Mosman, which sold for $30 million.
The Upper North Shore has performed relatively well, with median house prices in suburbs like Wahroonga increasing by over 4.2% in the first half of the year.
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𝐄𝐚𝐬𝐭𝐞𝐫𝐧 𝐒𝐮𝐛𝐮𝐫𝐛𝐬
The eastern suburbs started the year strongly, although price growth has slowed compared to 2023. Interest rate hikes and cost-of-living pressures have strained borrowing capacity.
Areas like Bondi Beach continue to attract both owner-occupiers and tenants due to their lifestyle appeal. The median house price in Bondi Beach is $4.07 million, an 8% year-on-year increase.
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𝐒𝐨𝐮𝐭𝐡𝐞𝐫𝐧 𝐒𝐲𝐝𝐧𝐞𝐲
The Sutherland Shire and St George regions have seen median house prices decline in recent months. However, median unit prices have generally experienced steady to minor growth.
New or recently renovated properties are in high demand, while properties requiring significant work are facing longer selling periods.
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𝐓𝐇𝐄 𝐁𝐎𝐓𝐓𝐎𝐌 𝐋𝐈𝐍𝐄
The Sydney property market has displayed mixed performance across different regions and segments in the first half of 2024. While some areas have shown growth and stability, others face challenges due to economic factors such as interest rates and inflation. Investors and stakeholders should remain informed and strategic in their decision-making to navigate these dynamic market conditions effectively.