The Sydney Property Market – September 2024
2024 has seen a further continuation of growth for the Sydney property market, defying initial forecasts amidst a backdrop of escalating interest rates and mounting cost of living pressures. Performance has however varied by area. A key driver of growth has been the persistent gap between buyer demand and available properties, with active buyers consistently outnumbering listings in many areas we operate. Auctions for quality properties in sought-after areas have been particularly robust, with competition often driving prices significantly above agent-quoted price guides.
Looking ahead to the remainder of 2024, we anticipate further growth, albeit at a slower pace. Despite lingering inflation, many experts still predict interest rate reductions later this year or early in the new year, and immigration levels are expected to remain high. We foresee the supply shortage persisting, which should sustain demand and uphold the market’s momentum.