Sydney Property Market Update

    Sydney’s property market is expected to keep getting stronger leading into 2022, especially with the removal of government restrictions and the easing of the global pandemic controls, despite the onset of the Omicron variant, throughout Australia. It is clear that more and more of Australians are willing to invest in property more freely as the end of this pandemic period signifies a possible return to normality. While many sellers were reluctant to come into the market due to the uncertainty of these conditions, property prices continued to rise due to the continuance in demand of these properties.

    However, interest rates have been kept on hold for a long period of time now, so it isn’t that much of a shock to expect to see talk of a rise in interest rates in 2022, 2023. This could take some of the heat out of the Sydney market and slow the rate of price growth, which is likely to balance out in 2022.

    CoreLogic discovered that sales volumes had hit their greatest levels in over 18 years, with an estimated 614,635 transactions in the last 12 months.

    The biggest demand was for detached houses, which saw prices jump 24.6 percent compared to 14.2 percent for units, owing to strong demand from owners rather than investors.

    Due to increased demand from owner-occupiers and investors, well-located, family-friendly flats in Sydney’s inner suburbs are expected to perform well, while apartments in high-rise towers will continue to languish.

    Property Investment Australia , Sydney Evening View

    Sydney Property Market Overview 2022

    Experts feel that the Sydney real estate market has moved from its previous peak rate of growth to a more sustainable rate of capital gain, and that there is still plenty of life remaining in the Sydney real estate market, with property values expected to rise through 2022 and into 2023.

    While tighter lending standards will relieve some of the pressure on Australia’s property markets by limiting the number of people who can get home loans or lowering the amount they can borrow, the move may backfire in the short term as investors and homebuyers rush to buy before the lending conditions tighten.

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