Sydney Property Market

The Sydney property market in 2024 is poised to be dynamic, influenced by factors such as interest rate changes and housing supply. Understanding these elements is crucial for those looking to buy or sell in the coming year.

Best Times to Sell in Sydney's 2024 Market

Market Growth

Sydney's property market is predicted to grow, with house prices expected to rise by 3-6%, driven by a strong rental market, limited housing supply, and high demand.

Optimal Selling Window

Early 2024 is ideal for selling. The post-holiday period in January typically sees increased market activity. Sellers should ready their properties during the Christmas break for early listings, capitalising on the influx of buyers from the end of 2023.

Best Times to Buy in Sydney's 2024 Market

Market Dynamics

Expect rising prices in 2024, but buyers may find opportunities, especially before prices rebound post interest rate cuts in the latter half of the year.

Interest Rate Impact

The market will be shaped by interest rates. Following the rise in November 2023, rate cuts are expected later in 2024, indicating that the latter half of the year might present more favorable buying conditions, as lower interest rates can boost borrowing capacity and stimulate market activity.

Expected Interest Rate Rises/Decreases

Rate Forecast

The Reserve Bank of Australia recently increased the cash rate to 4.35%, potentially the peak of this tightening cycle. Interest rates are expected to stay stable for most of 2024, with cuts likely between August and December. However, further rate hikes are possible as the RBA works to reduce inflation to its 2-3% target range by mid-2025.

Impact on the Property Market

These rate changes are expected to have a mixed impact on the property market. While the initial rate hike may not significantly affect house prices​​, the subsequent cuts could stimulate the market and potentially lead to price increases as borrowing becomes more affordable.​​

Final Thoughts

The Sydney property market in 2024 is shaping up to be influenced by a combination of rising house prices, potential interest rate hikes followed by cuts, and a strong demand for housing. For sellers, early 2024 presents a promising window to capitalize on high demand. Buyers, on the other hand, might find more favorable conditions towards the latter part of the year, particularly if the anticipated interest rate cuts materialize. As always, staying informed and consulting with real estate professionals is key to navigating these market dynamics effectively.

If you have any queries about your property, are considering selling or looking for ways to enhance its value, our team is here for you.

Whether it's a current market update, personalised recommendations, or a general market overview you're seeking, we're happy to assist. Book an appraisal with us using the link below, and let's continue to make strategic decisions that contribute to the success of your property.