Having recorded a 27.7% rise in housing values between October 2020 and January 2022, the balance of 2022 saw month on month negative growth, low stock levels and increased days on market. This led to Sydney home value drops of -11.4% from their peak levels, taking roughly $132,000 off the median value of a home.
What is the forecast for 2023?
By comparison, the first quarter of 2023 has seen an increase in buyer attendance, increased Auction clearance rates and data company CoreLogic have just indicated Sydney property prices have risen 0.2% in March 2023, the first positive price movement in over 12 months.
Whilst many are calling the bottom of the market, what is clear is that the market is showing signs of greater stability, which in turn is creating a sense of optimism from both buyers and sellers.
A stable market is a great time to buy & sell as there is inherently less risk due to price fluctuations and generally the price gap between properties is less, making it an ideal time to upsize, downsize or upgrade.
Thinking of making a move or investing and looking for advice? We would love to chat further about how you can achieve your property goals. You can contact us by phone: 0400 881 161 or email: georgiekelly@recollective.com.au
