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Sydney Property Market Forecast for 2024

CEO Khai Intela
Are you curious about what's in store for the Sydney property market in 2024? Well, after experiencing significant ups and downs in recent years, the market is on the upswing once again. Prices have been...

Are you curious about what's in store for the Sydney property market in 2024? Well, after experiencing significant ups and downs in recent years, the market is on the upswing once again. Prices have been steadily rising, and there are indications that this trend will continue throughout the year.

Despite the challenges of the past, Sydney's property market has consistently proven itself to be one of the strongest and most reliable performers over the last four decades. Property values have seen significant growth, doubling in value every decade on average. Even in the face of affordability constraints and rising interest rates, the demand for Sydney properties remains high.

Sydney Housing Market Insights

The Sydney property market experienced steady growth in 2023, defying predictions of a downturn. In fact, home values in some areas increased by as much as $1.5 million. The average dwelling price in Greater Sydney climbed 7.72% to $1.062 million, with over 90% of suburbs experiencing an increase in value.

While some regions saw price drops, such as the Central Coast, Baulkham Hills, and Hawkesbury areas, the overall trend in Sydney's housing market is positive. The city's strong pace of annual growth is remarkable, considering the affordability challenges caused by rising interest rates.

Sydney Property Price Upturn

Some factors contributing to the market's resilience include strong demand, population growth, limited supply, and a recovery in the economy. Sydney's housing market is diverse, with various sub-markets showing different performance levels. However, the overall outlook is positive, with continued growth expected for well-located properties.

Median Property Prices for Sydney

Here is the latest data on median property prices for Sydney:

Property Median Price Δ MoM Δ QoQ Δ Annual
All Capital city dwellings $1,128,322 0.2% 0.8% 11.1%
Capital city houses $1,400,630 0.2% 0.9% 12.5%
Capital city units $834,578 0.0% 0.6% 7.7%
Regional dwellings $711,891 0.3% 1.0% 2.4%

Source: CoreLogic, 2nd January 2024

These figures demonstrate the overall strength of the Sydney property market, with prices continuing to rise across different property types. While there may be slight variations between different research houses, the overall trend is positive.

Sydney's Rental Market Outlook

Sydney's rental market is facing a crisis, with record-low vacancy rates, high rent prices, strong demand, and a rising population putting pressure on the city's rental market. Vacancy rates continue to drop, and rents are expected to rise even further in the coming months.

CBRE estimates that Sydney's apartment supply will average 14,000 per year from 2024 to 2028, while demand is expected to reach an average of 33,000 per year over the next five years. These factors are likely to drive down city-wide vacancy rates and push up rents.

The current rental market in Sydney is highly competitive, with extremely low vacancy rates and high demand. A lack of available homes and a rising population contribute to the challenging rental conditions. This has led to increased rental prices, making it difficult for many Australians to afford accommodation.

Vacancy Rate Sydney January 2024

Rent Listing Sydney January 2024

Source: SQM Research

The tightening rental market in Sydney reduces choice, increases competition, and creates less favorable conditions for tenants. Asking rents and gross rental yields have risen throughout Sydney as a result.

Sydney's Most Expensive Suburbs

Sydney is known for its high-end, prestigious suburbs, and the list of the most expensive postcodes reflects this. Waterfront locations and coveted school zones dominate the list, with suburbs in Sydney's eastern suburbs and the north shore claiming the top spots.

Here are the 10 most expensive suburbs in Sydney, according to data from Domain and realestate.com.au:

  1. Tamarama
  • Median house price: $9.2 million
  • Median unit price: $2.5 million
  1. Vaucluse
  • Median house price: $9.1 million
  • Median unit price: $1.35 million
  1. Darling Point
  • Median
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