The 2023 budget measures and the 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.
Sydney Auction Metrics 29/4/23
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).
What’s different about today’s property market
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.
Sydney East property owners hold on to their homes longer
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.
A stop-and-go property market
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.
First-time homebuyers are not benefiting from lower market prices
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.