The 2023 budget measures and the property market
May 11, 2023
The Sydney market is not equally affected by interest rate increases, so it can be quite challenging to predict how rising interest rates will affect the Sydney property market.
The Sydney market is not equally affected by interest rate increases, so it can be quite challenging to predict how rising interest rates will affect the Sydney property market.
There are 570 auctions scheduled across Sydney for the coming week (down 6 from the previous week), and a clearance rate of 71% (no change).
A rapid boom in Sydney’s property market occurred between late 2020 and the end of 2021, with the city’s median property price rising 27.7% in just 15 months.
The average homeowner in Sydney’s Eastern Suburbs is holding onto their home for 9.9 years, which represents a 3.9-year increase on the time they stayed in their house twenty years ago. The ongoing decline in the number of sales is the best evidence for this trend.
The Eastern Suburbs had an auction clearance rate of 75% on Saturday, April 1 2023 with a 6-bedroom house at 54 Gilbert St Dover Heights selling for $11,800,000.
Even though house prices are still falling across the nation, many Australians want to become first-time homebuyers and aren’t able to enter the market.
Much has been written about the impact of rising interest rates on our city’s real estate market, but they’re not the only factor driving property values.
Despite gloomy headlines, the real story in Sydney’s property market is far more nuanced—and in many ways, more optimistic—than it may appear.
If you’re thinking about downsizing—or just exploring your options—I’m here to help when you’re ready.