The first three months of 2024 have delivered strong results for Sydney property, as sellers and buyers across Sydney’s Harbourside markets, move with intention. 

From the Inner East to Inner West and Lower North Shore, a key theme within the first quarter (Q1) has been the flow-on effects of 2023’s interest rate increases, according to the BresicWhitney Quarterly. From reduced borrowing power, to pausing plans, the impacts of the aggressive cash rate tightening cycle have been reflected in key fundamentals recorded by BresicWhitney across the last three months.

 

The variance in weekly auction clearance rates has delivered highs of 90% to a low of 60%, reflecting not only the heat that has lifted in the market over the last six months, but the appetite for buyers to secure homes in pre-auction and off-market transactions.

 

BresicWhitney expects demand to remain healthy over coming months and keep in lockstep with listing volumes. If, however, annual auction volumes exceed a 20% increase on last year, it is likely that a more conservative clearance rate could transpire. BresicWhitney’s annual auction volumes are up by 14% year-on-year as of March 2024.

 

 

Overall listing volumes have also increased, with the group transacting on over $500m worth of Sydney property in Q1. This increase reflects not only the pace at which properties were bought and sold, but the move away from seasonal peaks and troughs across the broader Sydney market. BresicWhitney expects to transact on approximately $2.5 billion of Sydney real estate for the 2024 Calendar year. 

Read The Quarterly.