What’s On Sydney Real Estate Horizon In 2020?

After a two year slump, the Sydney real estate market has posted one of its strongest recoveries on record. As a matter of fact, the market looks on track to keep rising in 2020.

 

Despite a slow start, 2019 ended on a remarkable high after the fastest market turnaround in history. Auction clearance rates started improving, more and more buyers were making it through our doors, and finance applications were finally being granted. Properties were once again being sold as the market had started moving again, and prices steadily stabilised. According to domain.com.au, vendors and buyers can expect more of the same for at least the first six months of 2020. There is the possibility that the growth may falter if a new affordability problem emerges.

What’s driving the market and causing this positivity?

According to our buyers, a number of factors are bringing optimism to the market including lenders relaxing their requirements and the ever-decreasing interest rate, both of which make it a little easier to borrow. We’re also seeing investors and owner-occupiers wanting to move up the property ladder by buying another investment property or upgrading their current residence in order to take advantage of the affordable market.

As we’ve written previously, buyer numbers at open inspections have been improving steadily since April/May last year. Now, at the beginning of the year, many buyers are eager to see more options and stock on the market. This makes it the ideal time to list your property if you’ve been considering it.

Median prices:

  • Sydney $1,010,000
  • Haymarket $958,000
  • Chippendale $725,000
  • Pyrmont $1,080,000
  • Surry Hills $785,000 (apartment) and $1,650,000 (terrace)
  • Redfern $970,000 (apartment) and $1,400,000 (terrace)

Price data last updated 19/12/2019

Key Sales: 

In the fourth quarter of 2019, our team sold some amazing properties. This resulted in some new building records as well as providing assistance to the defining of values in the CBD.

210/178 Thomas St Haymarket – 2 bedroom apartment in “Quay” building sold for $1,152,000 at auction

549/317 Castlereagh St Haymarket – 2 bedroom duplex serviced apartment in “Regis Towers” building 

327/303 Castlereagh St Sydney – 3 bedroom apartment in “Regis Towers” building sold prior to auction for $1,160,000

3203A/148 Elizabeth St Sydney – 4 bedroom penthouse apartment in “Hyde Park Tower” building sold for $2,250,000

4005/343 Pitt St Sydney – 2 bedroom apartment in “Century Tower” sold prior to auction for $1,300,000

23/267 Castlereagh St Sydney – 2 bedroom apartment in Museum Tower sold for $810,000

5005/393 Pitt St Sydney – 2 bedroom apartment in Hordern Tower sold prior to auction for $1,610,000. This is the highest record price for 2 bedroom apartment in Hordern Tower. 

4701/393 Pitt St Sydney – 1.5 bedroom apartment in Hordern Tower sold prior to auction for $811,000

 

What’s my property worth?

If you’d like to obtain an updated appraisal for your property contact Joseph Fairchild at 0425 945 888 or email joe@metrorealty.com.au

An updated appraisal may allow you to pursue other financial interests, sell (either downsize or upsize) or ensure that your home is adequately insured.

 

Suburb Statistics Report: Sydney CBD

Recent Median Sale Prices (Unit)

Sydney (Suburb) Sydney (City of Sydney Council)
Period Median Price Median Price
September 2019 $1,000,000 $860,000
August 2019 $990,000 $859,000
July 2019 $981,000 $850,000
June 2019 $965,000 $854,000
May 2019 $965,000 $855,000
April 2019 $965,000 $857,500
March 2019 $950,000 $860,000
February 2019 $979,500 $866,500
January 2019 $967,000 $865,000
December 2018 $965,000 $865,000
November 2018 $950,000 $865,000
October 2018 $950,000 $870,000

Statistics are calculated over a rolling 12 month period

 

Sales Per Annum (Unit)

Sydney
Period Ending Number
Sep 2019 267
Sep 2018 262
Sep 2017 352
Sep 2016 393
Sep 2015 493
Sep 2014 729
Sep 2013 555
Sep 2012 455
Sep 2011 531
Sep 2010 691

Statistics are calculated over a rolling 12 month period

Change in Median Price (Unit)

Sydney Sydney
Period % Change % Change
Sep 2019 5.26% -1.71%
Sep 2018 -4.76% -4.37%
Sep 2017 33.89% 3.98%
Sep 2016 -14.86% 4.76%
Sep 2015 7.36% 15.86%
Sep 2014 25.48% 12.4%
Sep 2013 19.17% 9.51%
Sep 2012 1.87% 3.85%
Sep 2011 -10.08% 4.55%
Sep 2010 18.41% 16.66%

Statistics are calculated over a rolling 12 month period

Source: RP Data

 

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