Sydney’s Housing Market Soars 32.4% in One Year! Multiple Chinese Districts Make the List — Sydney Auction Clearance Rate Hits 68%

Week’s Key Focus

According to the latest report from the Sydney Morning Herald, Domain’s annual House Price Report reveals significant price increases across various Sydney suburbs over the past year. Glebe leads with a 28.6% increase, followed by Cabramatta West and Bexley with rises of 25.1% and 23.8% respectively. North Parramatta also saw a notable increase of 22.6%. In the high-end market, Neutral Bay and Chatswood performed well with increases of 20.9% and 17.8% respectively. Notably, the Chinese community in Burwood experienced a strong price growth of 20.4%, placing it eighth on the list.

In the apartment market, Kirribilli leads with a 32.4% increase, while Eastwood’s apartment market also achieved a growth of 14.1%.

Domain’s market analyst Nicola Powell notes that the most significant price growth often occurs in markets that are relatively affordable, which are typically preferred by homebuyers looking for value or seeking to upgrade. Powell further explains that while various factors influence housing prices, affluent buyers with substantial assets from existing properties are the main drivers of price increases. These buyers, less sensitive to interest rates, wield considerable economic power, giving them an advantageous position in the housing market.

According to the 2021 Australian Census data, the Chinese population in Chatswood, Burwood, and Eastwood accounts for 42.4%, 48.3%, and 48.8% of the local population, respectively, ranking them as the majority in these areas. This data highlights the significant role the Chinese community plays in these local real estate markets.

Auction Results Last Week

Sydney: 667 properties were auctioned, with results reported for 420, of which 287 were sold. The clearance rate stood at 68%, with total auction sales reaching AUD 349,283,800 and a median house price of AUD 1,505,000.
Melbourne: 823 properties were auctioned, with results reported for 561, of which 354 were sold. The clearance rate was 63%, with total auction sales amounting to AUD 282,459,238 and a median house price of AUD 950,000.