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What's in store for the Sydney property market this spring?
What's in store for the Sydney property market this spring? 悉尼
By   Aidan Devine
  • 都市报
  • Sydney Property
  • Sydney Housing Market
  • Sydney House Prices
Abstract: The spring home selling season has arrived early in some parts of Sydney, with a wider selection of homes expected to give homebuyers a break from rising prices.

Many of the areas with the biggest increases in listings are located in the north-west and south-west, with smaller parts of the North Shore and eastern suburbs.

 

In July, new listings in the city were nearly 10 per cent higher than at the same time last year, slightly above the 10-year average.

 

The market in most areas has been mired in a housing slump in recent months, forcing homebuyers to fight harder for the limited listings available in the region.

 

Experts say record interest rate rises have been the main reason for the rise in property prices over the past eight months, despite the fact that they have stifled homebuyers' ability to borrow.

 

While the housing shortage is expected to continue in most parts of Sydney in the coming weeks, the latest data from PropTrack shows green shoots are already appearing in some areas ahead of spring.

 

These areas will also see more listings in the coming months as the traditional spring selling season approaches - spring is usually the time of year when the most listings are made.

 

According to PropTrack, the southwestern suburbs of Roselands, Cobbitty, Edmondson Park and Oatley have seen the largest increase in listings over the past three months, ranging from 23 to 43 per cent.

 

Listings in the north-western suburbs of Kellyville Ridge, Cherrybrook, North Ryde, Beaumont Hills and Rouse Hill are up 16-31 per cent.

 What's in store for the Sydney property market this spring?

In the North Shore suburbs, Wahroonga saw the largest increase at 27 per cent, while in the eastern suburbs, Kingsford and Coogee saw the largest increases at 19 per cent and 18 per cent respectively.

 

PropTrack economist Angus Moore said the increase in listings would ease the heat in some markets by providing buyers with more options.

 

PropTrack now expects home price growth to be more subdued in the second half of 2023 than it has been in the past six months due to the increase in listings.

 

Ray White economist Nerida Conisbee said more homeowners listing their properties for sale could break the market stalemate and encourage others to list.

 

"So far, the listing (shortage) has been self-fulfilling. People aren't listing because they don't have a lot of options," she said." There needs to be more homeowners selling before other homeowners can finally list their homes."

 

Adrian Tsavalas, director of real estate group Adrian William, said this spring will still be cooler compared to previous years, though not as tight as previous months.

 

There will be more choices, but at least in most areas, it won't be the bargain home market many buyers were hoping for, he said.

 

Areas where listings have fallen sharply include the Central Coast suburbs of Gorokan, The Entrance and Terrigal, as well as Newport on the northern beaches, suggesting that competition for sales is likely to be tougher.

 

Investor property sales have doubled from before the pandemic as interest rates rose and more landlords began cashing out of the property market.

 

PropTrack data shows 26 per cent of all property transactions in NSW in June were for rental properties, up seven per cent since the Reserve Bank of Australia first raised the cash rate in May last year.

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What's in store for the Sydney property market this spring?
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