Video: Property market performance Sydney 2024

If you’ve been following media reports over the last four years, you’ll know the property market is hard to predict. In 2020, property experts expected a slump. Instead, we saw prices on a steep increase and peak in January 2022. When interest rates rose from May that year, property experts again expected a decline. Instead, property prices came off the boil only briefly before rising again, defying expectations. 

Even though inflation results have not fallen as strongly as the reserve bank would like, expectations surrounding interest rates continue to suggest downward movement later this year. Because of this, experts are predicting price momentum is likely to remain for much of this year. House prices have recorded 10.3 per cent annual growth, while units have grown over the year by 7.9 per cent nationally. 

Auction clearance rates, a good indicator of market health, have been high throughout 2024. While we’re seeing more confidence in home sales again, with new properties coming onto the market, buyer demand is absorbing them quickly. In Sydney, for April, we saw a 0.2% increase, resulting in 8.1% growth to date. Property investors are seeing vacancy rates at historic lows, meaning rents are going up. However, we need to remember that these observations are for all of Sydney. 

If you’d like more detailed information on the Northern Districts and homes similar to yours, I can create a comparative analysis of recent sales for you and provide an appraisal. Please give me a call.