Market Review August 2023

Sydney’s property market has had an unseasonably strong uplift in homes for sale, and more are expected to hit the market in coming weeks as vendors gear up for the spring selling season.

The uplift is providing a much-needed increase in choice for buyers, who spent the first half of this year competing for the few homes for sale.

New listings have trended upwards since late May, and jumped about 8 per cent over the four weeks to August 27, compared with the previous four- week period, and are almost 20 per cent above the five-year average. The total number of homes for sale has been climbing since late June, but is still below average.

Sydney recorded a 6.2% increase in total listings for the month of August, driven by a 10.5% increase in new listings. Sydney has recorded the largest number of new listings for any month of August since records began in 2009.

It is only the second time the residential property market has hit the $10 trillion milestone since records started.

We can expect more and more properties to be put up for sale within the next 5 months, so keep those eyed peeled and ensure you have a goal and a plan in hand!