Sydney Suburbs Steps into 2023 Expecting Growth and Success

Must Read

“It is important to remember that property has historically moved through upswings and downturns, and there are lessons that can be learnt from previous price cycles.”

Sydney Property Market

Sydney’s property market started 2022 strong until March, with an average dwelling price of $1,227,200. After its upward activity in the first quarter, everything went downhill as CoreLogic’s Home Value Index recorded an annual decline of 10.6%.

Dr Nicola Powell, Chief of Research at Domain, stated that when property prices decline, many Australians understandably feel apprehensive about their future in the property pathway. Dr Powell stated:

“As per historical standards, the premium price point is showing the greatest weakness, clearly evident in the most expensive areas of Sydney and Melbourne. 

Property Growth Sydney

“Premium-priced areas tend to lead price cycles, and while they may appear more vulnerable during a downturn, they see greater rates of price growth during the upward growth phase. 

“This also means that when we move into a recovery phase, it will be evident first across the premium price-point.”

Additionally, Tome Avelovski, Property Buyer’s Agency Ready Set Buy’s Director, sees a brighter future for the property market as we are about to end the year. 

Mr Avelovski forecasted, “I expect prices will continue to soften over 2023 (up to -10%), as people adjust to higher interest rates, especially those coming out of record low fixed rates; however, I do believe we’ll begin to see momentum pick up in the first half of 2024 with prices set to rise again.”

He reminds everybody that property is a long-term venture. Buyer markets should claim and take over this era to gain leverage. And Sydney’s property market is Australia’s most prominent housing market.

“The WSIP will provide better road linkages within the western Sydney region and benefit the region’s growing population,” he said.

“This investment will relieve pressure on existing infrastructure and unlock the economic capacity of the region by easing congestion and reducing travel times.”

- Advertisement -spot_img
Latest News
- Advertisement -spot_img

More Articles Like This

- Advertisement -spot_img