It’s possible the Sydney property market is nearing the end of its current cycle, with new data from BresicWhitney revealing significantly improved fundamentals for the first quarter of 2023 (Q123) compared to the prior three months (Q422).

Gains were revealed across pricing, open home numbers, clearance rates and listing levels in the group’s new report, The Quarterly. Headlining the findings is a 1.9% differential recorded between its Average List Price (ALP) and Average Sale Price (ASP) of all properties, confirming that Sydney property is no longer selling at a discount, as it was in Q422.

 

The Quarterly reveals it was the widespread, increased competition across the market in Q123 – rather than a lack of listings – that drove price adjustments throughout campaigns. This competition was also reflected in increases in groups through open homes, which saw an average of 27 attendees per campaign, versus 17.6 in Q422. Average Registered Bidders also progressed, with more than five (5) at each of the auctions run by BresicWhitney.

Additional key insights in the publication include an increase in off-market movement, with strong demand from underbidders and those actively seeking to buy, leading to 18% of total properties sold by BresicWhitney in Q123 done so via its off-market platform.

 

The Quarterly also explores the trends, conversations and questions being asked in the current Sydney property market, including whether we’ll see continued strong demand for homes under 100 square metres (or what we’re calling the ‘Tiny Home Trend’); the ongoing prevalence of first-home buyers; momentum in the luxury property market and the state of the Sydney’s rental market.

Download Sydney’s signature property publication, The Quarterly, here.