The Sydney Property Market – December 2024
The Sydney property market experienced growth through most of 2024, defying initial forecasts. However, as the year progressed, momentum began to slow. Clearance rates have weakened, and monthly growth figures have shifted into negative territory, signalling a softening in the market. For the first time in quite some time, buyers have had more opportunities to secure properties at more favourable prices.
Market performance, however, has varied across different areas. Auctions for quality properties in sought-after locations have generally held up best, with competition occasionally driving prices well above agent-quoted price guides. (although this can also be attributed to the continuing and persistent practice of agent underquoting).
Despite lingering inflation, many experts are still predicting an interest rate reduction soon, and immigration levels are expected to remain high. In our areas of operation (east, north, inner west, and northern beaches), a significant increase in supply appears unlikely in the short term, which should help support market prices.