Sydney house prices are among the most expensive in the country, and indeed the world. The famous harbour city is on par with house prices in another world-famous harbour: Hong Kong. Earlier this year, Boss Hunting named Sydney the world’s second most expensive city behind the island whose name translates to the fragrant harbour.
But with the market downturn now in full swing, how are prices faring? In Shore Financial’s State of Sydney Report for September last year, the top five suburbs across various categories for median price growth were all around 20%, with Sydney’s prime properties seeing the smallest levels of growth – between 16% and 19%.
Shore Financial is now back with another look at the past twelve months, with only a handful of suburbs now seeing double-digit growth, as opposed to the previous near 20% leaps and bounds.
On the whole, Sydney prices are, unsurprisingly, down. According to SQM Research’s weekly asking prices index, Sydney houses are down 2.9%, units up 2.6%, and a combined down 2.1%.
Shore Financial’s State of Sydney Report found the top five suburbs for each quintile (as defined by current median asking prices) for price growth, with the quintiles being Heartland Sydney, Suburban Sydney, Rising Sydney, Professional Sydney, and Affluent Sydney.
Source: Shore Financial’s State of Sydney Report, February 2023.
Source: Shore Financial’s State of Sydney Report, February 2023.
Source: Shore Financial’s State of Sydney Report, February 2023.
Source: Shore Financial’s State of Sydney Report, February 2023.
Source: Shore Financial’s State of Sydney Report, February 2023.
Shore Financial CEO Theo Chambers said this report clearly highlights that while we often talk about the ‘Sydney property market’, there are actually markets within markets.
“While prices have fallen in most Sydney suburbs over the past year, there have been some suburbs that have bucked the trend and even recorded double-digit price growth,” he said.
“To understand why, look at inventory levels and days on market. These suburbs have very low inventory levels, which tells you buyers are being forced to compete for a limited amount of stock. They also have low days on market, which tells you that buyers are moving fast and making strong offers, based on a fear of missing out.
“Most parts of Sydney are buyers’ markets right now, but there are some places that are
sellers’ markets.”
Mr Chambers said it’s interesting to see how much the Sydney property market has changed since September 2022, when the last annual review was produced.
“Back then, the market was definitely in a downturn – and prices have fallen further in the subsequent six months. However, it now feels as though the worst of the downturn has passed for large parts of Sydney, whereas back then we couldn’t quite see when the end would occur,” he said.
“The feedback I’ve been getting from my team of brokers and our large network of real
estate referral partners is that the Sydney market is bottoming out, even if we’re not quite at the bottom yet. That’s based on what we’re seeing and hearing on the ground in terms of buyer enquiries, open home traffic and auction clearance rates.”
Shore Financial’s report separates Sydney’s over 600 suburbs into five different categories or quintiles, based on the median asking price for houses. The report then takes the top five suburbs in each quintile and is displayed above.
The report excludes suburbs that don’t meet some criteria relating to asking prices, days on market, inventory levels, and sales volumes over the past three months.
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Disclaimer: This article contains general information and should at no time be considered advice to the reader. The reader should always verify their situation with the relevant certified professionals before taking any further steps.
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