A period of increased activity in the Sydney property market, the past quarter has marked an uptick in confidence from both buyers and sellers, with more willingness to transact from both fronts.
The winter quarter was unexpectedly strong this year, with the typical month-on-month drop in sales over the June to August period absent and an 8.8% year-on-year increase in stock sold by our team over the September quarter. The momentum that held steady in July and August continued well into September, with a record number of sold listings for Adrian William and stable buyer sentiment despite no word on when rate cuts will occur.
All buyer types, from first-home-buyers to investors, showed up in droves in the lead up to spring, and more importantly, proved to be qualified and armed with the market knowledge to secure a deal without delay. Adrian William recorded 24% more open home attendees in the past quarter compared to the previous, and with an average of 23 days on market compared to the market average of 36, new listings were quickly absorbed by buyers with no intention of waiting for the market to peak, or the Reserve Bank of Australia (RBA) to loosen the reins on interest rates, before making their move.
September marked the 20th consecutive month of increases in overall property values, according to CoreLogic. Despite the rate of growth slowing to a marginal 0.5% in the July-September period, index results as of 30 September show a 4.5% annual increase in Sydney dwelling values, with further growth anticipated as the spring selling season swings into gear.
Looking forward, the high demand for inner-city suburbs, particularly those within 5km of the CBD, will undoubtedly remain, with unwavering popularity across all demographics and buyer types. We also expect to see demand in the inner west continue its steady rise as the eclectic mix of heritage and contemporary architecture, impressive infrastructure, and its welcoming nature draws buyers from all over.
A flurry of activity further west and south is also anticipated as the new Metro lines’ impact on property prices comes to fruition. Increased connectivity will likely drive demand across the suburbs along these new lines, from Sydenham through to Belmore, particularly for families and professionals priced out of more central city suburbs.
Homeowners looking to sell and buyers looking to put down roots before the end of the calendar year find themselves in the prime window to do so, with six weeks left of the spring selling season. As the weather heats up, high listing volumes ares expected to continue, as buyers scramble to purchase before the end of the year, and owners move to get their properties sold for a 2024 settlement.
Our buyer pool remains incredibly strong, comprising the full spectrum of buyers, from those just starting their property journey to growing families, seasoned investors, and downsizers—one sentiment they share: the inner city and the inner west are the places to be.
Reviewing the property types that were most engaged with over the last quarter, like the 3-bed Federation home at 72 Percival Road Stanmore, and 9 Roberts Street St Peters, a freestanding 3-bedder on a quiet cul-de-sac, our September quarter magazine is an opportunity to analyse recent intel on the types of properties most sought-after in the market. With insight into our strongest sales, like 35 Dalhousie Street Haberfield, which sold in early September for $2,700,000, and a closer look at the stunning 144 Albany Road Stanmore, this quarterly issue is a deep dive into the market with Adrian William; our insider knowledge, passed on to you.
Read the full quarterly report here ->
