Sydney Property Market Update: April 2024

Updated: 24th April 2024

The Sydney property market continues on an interesting journey in the early parts of 2024. There was a period of rapid growth then followed the correction in 2022, property prices have shown resilience which has been surprising for some and are now steadily climbing. Lets touch on some of the current trends and gaze forward to the coming months.

Moving Market:

• Steady Growth: CoreLogic data shows that Sydney's median house price is up 0.4% over the past month and a significant 8.9% year-on-year. While this is not the same red hot pace as 2021, it still shows a sustained upward trajectory.

• High Demand, Low Supply: We continue to grapple with a very significant housing shortage. This continues to impact prices, as the disparity between buyers and limited properties listed for sale is significant.

• Tight Rental Market: The rental squeeze is real, with vacancy rates at all time lows, in turn pushing rents to new highs. This trend may incentivise some investors to return to the market.

What to Consider:

• Affordability Concerns: As property prices continue on their steady rise this will continue to make Sydney a challenging market for first-time buyers, this is also amplified by the current high interest rate market. Consulting with a mortgage broker in Sydney can help you find the best financing options for your situation.

• Suburb Research: The Sydney property market can show some areas with strong growth, however we can see others experience slower growth. Researching specific suburbs is crucial. We can help with a free Property Profile Report giving you key property information, just contact us here

• Long-Term View: Some experts predict Sydney's median house price could reach $2 million by 2027, this will be fueled by strong population growth and ongoing housing undersupply.

• Consider Rentvesting: Rentvesting means that you buy somewhere else to generate income while living (renting) in your preferred location. This allows you to enter the property market without overstretching yourself financially 
  

Tips for Navigating the Market:

• Seek Expert Advice: It's important to speak with the experts. Speaking with a qualified mortgage broker can help you understand your borrowing capacity, navigate different loan options, and secure the best possible interest rate in this environment. 

• Stay Informed: The market can change quickly, so it's important to keep yourself updated on the latest trends and forecasts

• Be Realistic: Set realistic expectations based on your budget and long-term goals. Don't get caught up in bidding wars that could lead to overpaying. 
  
  The Sydney property market remains an active landscape. By understanding current trends, seeking professional guidance, and maintaining a realistic approach, you can navigate this market with greater confidence, whether you're a buyer, seller, or investor. Need help? Get in contact here.

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