Sydney Property Market - The Forecast for 2024
Curious about the future trajectory of Sydney's real estate market in 2024?
It appears that property values in Sydney are on an upward trend, albeit at a more moderate pace compared to the growth seen in 2023.
Despite an increase in available listings, the demand for properties in Sydney remains strong, evidenced by a 0.5% price increase in February and an annual growth of 10.6%. The anticipation of possible rate reductions has buoyed both buyer and seller sentiments, potentially enhancing borrowing capabilities and thereby increasing purchasers' spending power.
Below, you'll find the most recent figures for Sydney's median property prices.
Property | Median price | Δ MoM | Δ QoQ | Δ Annual |
|---|---|---|---|---|
All Capital city dwellings | $1,128,155 | 0.5% | 0.6% | 10.6% |
Capital city houses | $1,395,804 | 0.4% | 0.6% | 11.7% |
Capital city units | $837,253 | 0.7% | 0.6% | 7.8% |
Regional dwellings | $719,032 | 0.4% | 1.0% | 3.5% |
Source: CoreLogic, 1st March 2024
Sydney's real estate market began to show signs of recovery early in 2023, with a consistent monthly increase in property prices, although they have not yet surpassed their highest levels.
CoreLogic data indicates that from the beginning of the COVID-19 pandemic until their highest point in January 2022, property values in Sydney surged by 24.8%. This was followed by a 13.8% decline leading up to the low point in January 2023.
Current figures reveal that prices are now just 1.9% below their previous peak, hinting at the possibility of reaching new heights in the near future.
However, it's important to recognize the diversity within Sydney's housing market; performance varies significantly across different regions. This situation can be likened to having one hand in hot water and the other in cold, and averaging the two to claim a state of comfort.
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