Sydney’s housing market is seeing a significant shift as home sale listings surge in January 2024. With a 27.7 per cent rise in listings, the city is experiencing the largest jump since 2011. This increase comes as no surprise given the high house prices in January 2024 reaching an all-time high. The team at Domain attributes this surge in listings to vendor confidence being back in the market, with a positive outlook on interest rates and fully recovered house pricing.
Domain’s economist, Dr Nicola Powell, highlights that the undersupply of new homes, cost-to-build blowouts, a growing population, and a tight rental market have all been driving factors in boosting housing demand. This surge in listings is a positive sign for buyers and indicates a shift in vendor confidence.
Not only has the number of listings increased, but the type of properties being listed has also seen a change. While units saw a 195.2 per cent increase in listings compared to the previous month, houses also saw a significant rise of 163.5 per cent. Sydney’s property market seems to be leading the way in these changes, with other cities experiencing a rise in listings as well.
Looking ahead, Domain predicts that the anticipated interest rate cut could further spark demand and potentially lead to a price upswing in the market. With over 2,000 auctions set to take place in Sydney this coming weekend, buyers and sellers alike can expect a busy market.
If you’re in the market for a new home, now might be the perfect time to start browsing with plenty of variety available. Stay tuned for more insights from the Domain team and check out their list of the cheapest suburbs to buy a home close to Sydney CBD. And for those looking to rent, don’t miss their list of the cheapest suburbs in Sydney to rent a room.
