Sydney Housing Market: March 2023
This month, according to (1), house price declines in Sydney have eased in February, with Sydney posting a rise. The article states that Sydney house prices have increased by 0.2% over the past month, which is a positive sign for the Sydney housing market. However, the article also notes that there is still some uncertainty in the market due to the ongoing pandemic and the potential for further lockdowns.
Secondly, (2) reports that auction clearance rates have bounced back to a 12-month high, indicating the state of the property market. The article explains that auction clearance rates have been on the rise in Sydney, with clearance rates reaching 83% in some areas. This is a positive sign for the housing market, suggesting that buyers are still active and that there is demand for property in Sydney.
Domain (3) provides an interesting example of a Quakers Hill home that defies the slowdown to sell for more than a year ago. The article explains that despite the slowdown in the Sydney housing market, some homes are still selling for more than they were a year ago. The article suggests that this is due to buyers’ preferences shifting towards larger homes with outdoor space and home offices.
Similarly, (4) reports that a Concord house sold for $4.5 million, $1 million above the price guide. This sale is significant as it shows that there is still demand for high-end properties in Sydney, despite the ongoing pandemic and economic uncertainty. The article suggests that the current low-interest rates may be contributing to the demand for luxury properties.
