WELCOME TO YOUR MARKET UPDATE 2022 was a challenging year for the property market as multiple cash rate hikes resulted in lowering the borrowing capacity for buyers which consequently cooled demand. This took a toll on prices throughout Australia, however, due to a decrease in supply, the Sydney real estate market remained resilient. Yes, buyers are cautious and their borrowing capacity is significantly lower but the same can be said for sellers who are worried they will be affected by the same scenario when they become buyers. This is why we believe most vendors have delayed selling their properties until cash rates stabilise, in order to have certainty with their next move. Importantly, buyer demand is still strong which means auction rates for the properties which are being sold are continuing to track at the highest levels seen in nearly a year, pushing Sydney’s property market into revival mode. Sydney recorded a third consecutive monthly rise in housing values through May, surging 1.8% over the month, pushing the quarterly change back into positive territory for the first time since March last year. New listings are 13.2% below the previous five-year average and almost 23% lower than a year ago. As we know, Sydney’s market is not a one-size-fits-all property market. While prices have since cooled from their peak across the city, some of Sydney’s most sought-after areas continue to fetch impressive prices. As of 4th May 2023, Gordon median house prices had reached $3,443,628 and unit median prices were at $948,300. If you’re like most residents, your family’s home is your biggest and yet you possibly don’t know how much this asset is actually worth. Call us today, we’d be delighted to provide you with an obligationfree market appraisal. Yours faithfully, Ari Akbarian Member of the Royal Institute of Chartered Surveyors Bsc (Hons) Investment and Finance in Property Licensed Real Estate Agent
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