‘Act fast’: Sydney buyers and sellers spring into action

Sydney real estate agents are preparing for a spring surge, as the market – and the weather – warms up following a cool few months.

Home prices in Sydney increased by 3.3% in the year to July, with the most recent PropTrack Home Price Index showing a median price of $1.194 million. 

It’s some of the strongest annual growth the harbour city has seen since December last year, and agents expect to see the momentum continue come September.  

“Spring in Sydney is an amazing time of year, people are happier, they’re out of hibernation,” LJ Hooker Padstow principal and director Lush Pillay said.  

“The property market this spring is strong. There’s an abundance of buyers out there, so you don’t want to miss the opportunity.” 

As interest rates have begun to ease, more buyers have started to enter the market, taking advantage of their improved borrowing power.  

Sellers in turn are responding, Elders Real Estate Toongabbie sales consultant Alex Georgiou said.  

“We’re starting to see there’s a lot more decisions being made by buyers and sellers,” Mr Georgiou said.  

The Reserve Bank has cut rates three times this year so far, and Mr Georgiiou said another cut was expected this year.  

When rates are falling, property prices tend to increase, as the more people who are able to buy, the more competition there is in the property market. 

Ray White United Group founder and director Peter Diamantidis said on top of the current interest-rate environment, spring was typically a busy time for property transactions in Sydney, further adding to the robust market.  

Sydney suburbs with the fastest growing house prices 

“More buyers start to look at properties,” Mr Diamantidis said. “Average days on market will come down a lot.” 

Mr Pillay said spring was a popular time to sell, not only because homes looked better with lush gardens, but due to people’s end of year holiday plans.  

“People are looking to buy their next home prior to Christmas, and settle in that time frame,” he said.  

Though buyers were becoming very active in the Sydney market, Mr Pillar said sellers shouldn’t be complacent. 

He said they should get their home looking its best to get people through the door, thinking about natural light and thoughtful styling.   

“If you’re preparing your home for inspections, less is sometimes more,” he said.  

Mr Diamantidis said his top tip for sellers was to de-clutter – particularly as the number of properties being listed started to increase.  

Sydney suburbs with the fastest growing unit prices 

PropTrack data shows new listings in Sydney increased by 6.8% in the month to July, though they were down by 5.3% compared with the same time a year ago. Total listings were up by 2.2% for the year, but down slightly (1.4%) for the month.  

Mr Georgiou said buyers were looking for well-presented homes near good schools and public transport – and were willing to pay more to secure their “dream home”.  

“Presentation is everything, we want to give the buyers an opportunity to envision how they can live inside your home,” he said.  

“When buyers fall in love with your home, they do pay a premium.”  

For buyers wanting a competitive edge, Mr Diamantidis said keeping a close eye on new listings was a good strategy.  

“Act fast and attend the first inspection once you see a property go live,” he said.  

Mr Pillay agreed – and said buyers who hesitated could see the market run away from them at this time of year.  

“Make decisions quick,” he said. “What you feel you can afford today, can easily slip away from you in the coming weeks.”  

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