This week, we connected two buyers with their new Wentworth Point lifestyles, with the sales of 122/27 Bennelong Parkway, and 505/19 Verona Drive.
With our housing market absorbing the impact of seven consecutive rate hikes since May 2022, its resilience is worth examining a little closer.
Though we’ve seen Sydney house values come down about 10% this year, the rate of decline has slowed in pace, with values still remaining well above pre-pandemic levels. This stronghold is unsurprising when the market recorded an approximate 28% rise in housing values during the pandemic - a spectacular rate of capital growth.
Lower listing volumes than usual suggests that many prospective vendors may be strategically placing their selling plans on hold until they have a clearer idea of the market’s movements - and the impact of this has also been resounding in the rental market. The sharp reduction in investment activity has substantially lessened the supply being introduced to rental markets, and with surging demand for rental properties, we’ve seen prices rise significantly this year.
Are you looking for some advice on when might be a suitable time to start planning your property search or sale? Get in touch with me today and I’ll be happy to chat.
