Sydney’s property market has shifted over the last few months, and it’s now offering some great opportunities for buyers. Over half of the city’s suburbs have experienced a dip in property prices, with some areas seeing falls of over $100,000, creating a great entry point for buyers.
According to PropTrack data, this decline in prices has come on the back of a substantial increase in property listings. Last month alone marked the busiest September for new listings in nearly a decade, providing potential buyers with a wider range of options. With competition easing, Sydney is currently presenting a buyer’s market not seen for a few years.
A rare window of opportunity
Many potential Sydney buyers have been waiting on the sidelines for a number of years, hoping for an anticipated interest rate cut. As a result, prices have remained relatively stable, giving those ready to enter the market the chance to secure properties at more affordable levels.
With reduced competition at auctions and an increased supply of homes, buyers are now in a stronger position to negotiate. There’s less urgency and pressure, which means they can often find properties within their budget without needing to compromise on their must-haves.
However, it’s important to understand that the current favourable conditions for buyers may not last. PropTrack suggests that the current price declines are temporary. Once interest rates are cut, the market is expected to experience an upswing, as buyers with larger budgets re-enter the market. This could lead to increased competition and a rise in prices.
For those in a position to buy now, the timing couldn’t be better. The opportunity to purchase at a lower price, before the expected market rebound, could result in getting set in some excellent blue chip locations ahead of the next upswing.
Where the biggest price drops are happening
The decline in home prices hasn’t been limited to just a few suburbs—it’s been relatively widespread across a range of Sydney areas.
Even some of the more blue chip locations like Manly, Bondi, and Clovelly have seen small dips in prices, which is presenting a fantastic opportunity to buy into these locations.
Unit prices have also dropped in suburbs such as Waverley, Bondi Junction, and Darlington, and these are also areas that buyers should be circling very closely.
Investors and Sydney buyers agents have played a role in this recent shift. Many are offloading units purchased off the plan, leading to an increase in available stock. This surge in supply has further contributed to the fall in prices in some areas.
Making the most of the market
For those considering buying, now is the time to be strategic. With a larger selection of properties on the market and less competition, there are opportunities to negotiate and secure deals that would have been unheard of earlier this year.
It’s particularly beneficial to focus on blue-chip areas where prices have dropped, as these suburbs are likely to offer the best potential for future capital growth. Buyers who act now may be able to lock in better prices before the market shifts back in favour of sellers. While at the same time, locking down a quality asset in a premium location.
If you want to learn more or are considering buying property, seek advice from a buyers agency in Sydney that provides local expertise through their qualified Sydney buyers agents.
