Sydney property market sees an early spring surge, with focus on the northwest and southwest regions! – Sydney auction clearance rate reaches 73%

Week’s Key Focus

Sydney property market is seeing an early spring surge in listings, which could impact buyers and prices.

Certain areas, particularly northwest and southwest regions, as well as pockets on the northern shore and eastern suburbs, are witnessing increased property supply. This contrasts with recent months of low supply and high competition. Despite record interest rate hikes affecting buyers, the past eight months have driven price increases.

PropTrack data shows significant listing rises in southwest suburbs like Roselands, Cobbitty, Edmondson Park, and Oatley (23%-43% growth). In the northwest, areas including Kellyville Ridge, Cherrybrook, North Ryde, Beaumont Hills, and Rouse Hill (16%-31% growth).

Wahroonga on the northern shore has risen by 27%, while Kingsford and Coogee in the east grew by 19% and 18%.

With the traditional spring sales season beginning, these areas might see more listings in the coming months.

PropTrack predicts more supply to moderate price growth in late 2023. More homeowners listing could break market stagnation, motivating others to follow.

This year’s spring market is quieter than previous years, though still less intense than the preceding months. Despite more options, most areas won’t be a bargain hunters’ market. Some areas with less supply, like Gorokan, The Entrance, Terrigal on the Central Coast, and Newport on the northern beaches, might be more competitive.

Based on PropTrack data, as of June this year, 26% of NSW property transactions involve rentals, up 7% since the Reserve Bank of Australia’s first interest rate hike last year.

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Auction Results This Week

Sydney: 676 properties went to auction, with 419 auction results reported, 305 properties sold, resulting in a clearance rate of 73%. The total auction value was AUD 336,022,088, with a median house price of AUD 1,390,000.
Melbourne: 704 properties went to auction, with 508 auction results reported, 346 properties sold, resulting in a clearance rate of 68%. The total auction value was AUD 273,970,350, with a median house price of AUD 1,050,000.