Sydney’s property market continues to remain resilient despite persistently high interest rates and global economic uncertainties. This trend, evident throughout the last financial year and the first half of 2024, is the defining theme of BresicWhitney’s latest edition of The Quarterly.

Sydney’s key lifestyle markets – or those within an approximate 10-kilometre radius of the CBD – continue to remain the most sought-after for buyers seeking connection, community and the quintessential lifestyle that our Harbour City offers. BresicWhitney has witnessed persistent demand for quality properties throughout the year, and this has driven not only steady, but competitive sale prices, achieved from the Inner East, Inner West, through to Hunters Hill and the Lower North Shore. BresicWhitney’s average sale price remains above $2 million, with the group’s data reflecting this further.

 

Over the financial year, BresicWhitney transacted more than $2.4 billion in Sydney property. Between January and May alone, the group surpassed $1 billion in residential sales, achieving this milestone earlier than expected. This demonstrated the transactional flow from the start of the New Year and its continuation, despite the much-talked-about macroeconomic challenges.

 

Despite weak consumer sentiment levels, higher-than-expected inflation figures and the potential threat of a rate hike in August, BresicWhitney remains steadfast in its assessment of the resilience of Sydney’s property market. It is largely insulated from broader economic fluctuations for many reasons – not least because property ownership has become intrinsically linked with modern lifestyle choices, and long-term financial planning, across many demographics.

BresicWhitney has observed many sellers in Sydney articulating one resonant truth: selling a home in Sydney now, without purchasing another property prior, has the potential to represent an opportunity to re-enter the market.

 

Looking ahead, it’s likely Sydney will experience an early start to the ‘Spring selling season’. BresicWhitney data reveals listing volumes increasing and an uptick in owners intending to sell over this period; reflected by a higher-than-average number of Agency Agreements signed across BresicWhitney, with these properties due to come online in towards the end of Winter.

Download and read The Quarterly.