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SMH: Sydney’s property sales rebounds and how SPACE. helped a couple navigate the market

Updated: Jul 11, 2023

Recent reports from Domain’s House Price Report reveal Sydney's property sales market is bouncing back after a record-breaking downturn. The city's median house price increased by 1.3% in the last quarter, reaching $1,459,856, while unit prices rose by 0.7% to $758,664.

Dr. Nicola Powell, Domain’s Chief of Research and Economics, attributed this growth to the return of strong migration and a highly competitive rental market, which increased buyer demand while sellers held back.

Kyle and Donna Patterson

One couple, Kyle and Donna Patterson, experienced both the benefits and challenges of this shifting market when they sold their Artarmon family home with the help of SPACE. The Pattersons were pleased with the sale, which was below peak levels but well above pre-pandemic prices.

However, they struggled to find a new property to buy and have ended up renting in Manly while they wait for the market to change.

Julie Buchanan, Director of SPACE., noted in the article that both buyers and sellers have been hesitant to make moves as interest rates climbed, but the recent stabilisation of prices and improved auction clearance rates have brought renewed energy to the market. She believes this will give buyers confidence to engage, while vendors will benefit from a lack of stock, which is boosting buyer competition and prompting some to pay above market value for well-presented properties.

Despite these positive signs, experts warn that a sustained rebound is not guaranteed, and downside risks remain. Factors such as further rate hikes, an increase in homes for sale, or weakening of the labor market could put downward pressure on prices. Nonetheless, with the help of experienced professionals like SPACE., individuals can navigate the uncertain market and make informed decisions about their property transactions.


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