Taylor Troeth, Property Journalist
First published 19 Sep 2023, 5:00am
Sydney’s property market has seen its busiest end to winter in more than a decade with new listings increasing by a quarter compared to July, according to new PropTrack data.
There is hope for Sydney home buyers with the upward trend expected to continue into the spring selling season.
August was a busy month for new listings in Sydney, with the latest PropTrack Listing Report showing an 18.4 per cent increase compared to August last year.
There is hope for Sydney home buyers with new data from PropTrack showing an increase in new listings in August.
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PropTrack senior economist and report author Angus Moore said Sydney had a busier than typical August.
“After a quieter first half of 2023, property market activity appears to be picking up in Sydney,” he said.
Mr Moore predicted the upward trend will continue and reach its typical peak around October and November.
West Ryde, Lidcombe and North Sydney saw the biggest change in new listings from last year, the PropTrack data showed.
Home for sale in West Ryde, the suburb that has shown the greatest increase in listings.
Total listings were still slightly lower, at 5.8 per cent less than a year ago, but Mr Moore said conditions for sellers had improved compared to late last year.
“Home prices nationally have continued to recover, posting their eighth consecutive month of growth in August,” he said.
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“Auction clearance rates remained solid through winter and have improved from the levels recorded in late 2022,” Mr Moore said.
Auction clearance rates have remained “solid” through winter according to Mr Moore.
Nationally, new listings were up 20 per cent from the previous month.
The busier month of new listings meant the total number of properties listed for sale across Australia increased in August, up 5.7 per cent month-on-month.
Mr Moore said with the cash rate remaining steady for three consecutive months, markets are pricing in only a small probability of further interest rate increases.
New listings were up 20 per cent from the previous month.
“Inflation appears to be heading back towards target at a pace consistent with the
Reserve Bank’s expectations,” he said.
Low unemployment, tight rental markets and increased migration means housing demand remains strong, according to Mr Moore.
“Rental markets remain extremely tight across much of the country, and rents are growing quickly amid strong demand and limited rental availability,” he said.
Rental markets remain extremely tight.
Mr Moore said international migration and population growth is predicted to remain strong, which will further add to housing demand.
Regional areas saw activity ramp up ahead of spring, but unlike the combined capital
cities, they recorded a slower pace of activity this year compared to last.
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