Property Market on the Rise!

Are you wondering what will happen to the Sydney property market in 2023 and beyond?

Sure the value of many Sydney properties fell as it led to the property downturn of 2022, but this was after recording a 27.7% rise in housing values between October 2020 and January 2022, and now Sydney home values are down -13.8% since peaking.

But it seems the Sydney housing market has turned the corner and the top end of the Sydney market is leading the upturn:

Sydney has shown signs of passing the bottom of the market downturn, following a number of month-on-month increases in median property prices.

Of course, the market bottom is not one day or one week – it’s a process that occurs as there are many sub-markets in Sydney, but despite potential headwinds, most experts now predict that prices will continue to recover.

Of course, the Sydney property market has been one of the strongest and most consistent performers over the last four decades.

Sydney housing market insights

Australia’s house prices reached record highs during the peak of Covid-19, with our most expensive city – Sydney – leading the pack.

And while prices have since cooled from their peak across the city, Sydney’s property market continues to fetch impressive prices, particularly in some of the most sought-after areas.

After all, some of the city’s suburbs are so tightly held that an available property for sale comes around once in a blue moon with homeowners holding onto their houses for as long as 20 years.

And areas in lifestyle or coastal suburbs are still in particularly strong demand as homebuyers wait to secure their dream property.

According to CoreLogic, Sydney dwelling prices…

  • increased by 0.2% over the last week and
  • increased 1.8% over the last month,
  • yet dropped -8.2% over the last 12 months.

But PropTrack reports Sydney dwelling prices are still up 22.8% since March 2020 at the beginning of the pandemic.

Of course, there is no “one” Sydney housing market and there are still plenty of transactions occurring.

It’s a bit like having one hand in a bucket of hot water and the other in a bucket of cold water and saying:

However, over the last month or two the sentiment of both Sydney property buyers and seller is changing and buyers are pushing up the price of well located A grade homes and “family-friendly” apartments which are still in short supply, but B-grade properties are taking longer to sell and informed buyers are avoiding C-grade properties.

If you are wondering how much your home is worth in the current market, book a 5 minute appraisal.