Sydney Property Prices Rise for 10 Consecutive Months, Surging by 7.43% – Sydney auction clearance rate reaches 62%

Week’s Key Focus

In a report published by The Daily Telegraph on October 1st, it has been revealed that property prices in Sydney have experienced a relentless upward trend for ten consecutive months, signaling a robust recovery from the slump witnessed in 2022.

The report notes that despite the influx of more properties into the market in the early weeks of spring and historically high buyer demand, Sydney’s property prices continue to climb.

According to the September data from PropTrack’s Home Price Index, Sydney’s property prices have seen a consistent 10-month increase, with a growth rate of 0.48%, marking an impressive rise of over 7% compared to the same period last year.

This recovery has exceeded the expectations of many. Eleanor Creagh, Senior Economist at PropTrack, pointed out that Sydney’s current property prices are only 0.03% below their peak in February 2022 but have surged by 7.43% from their lowest point in November 2022.

During the third quarter of this year, property prices in Sydney’s Northern Beaches, Northern Suburbs, Southwest, Parramatta, Inner West, and Eastern Suburbs have led the way with increases exceeding 2%.

Creagh also noted that record levels of net overseas migration, a tight rental market, and housing shortages have all contributed to the growth in property prices. Looking ahead, it is expected that interest rates may have reached their peak, and with strong rebounding population growth, coupled with the shortage of new housing, property prices are projected to continue rising. As we enter the spring season, property prices are expected to reach new highs.

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Auction Results This Week

Sydney: 545 homes were auctioned, with 355 auction results reported. Out of these, 221 were sold, resulting in a clearance rate of 62%. The total value of auctions amounted to AUD 273,545,888, with a median property price of AUD 1,511,000.
Melbourne: There were 124 homes up for auction, with 67 auction results reported. Among them, 35 were sold, yielding a clearance rate of 52%. The total auction value reached AUD 32,066,100, and the median property price stood at AUD 1,088,000.