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A glimpse into a stalwart Sydney brand’s 2023 Q4 performance hints at promising conditions across the city in 2024.
BresicWhitney’s analysis of its property sales within a 10- to 15-kilometre radius of Sydney’s central business district has revealed increases in key fundamentals during the fourth quarter of last year.
The firm reported a 51 per cent increase in properties brought to market in Q4 2023, with 336 homes changing hands through the network, compared to the same period in 2022 when it represented 222 vendors in sales.
Overall, the boutique brand reported a 16 per cent year-on-year increase in the volume of properties it sold last year compared to the 12 months prior. That was accompanied by a 47 per cent increase in the number of properties listed.
Quarter-to-quarter, however, listings fell slightly, with the brand noting that the winter months were unseasonably strong by Australian standards. BresicWhitney transacted 430 properties in Q3 of 2023, roughly a hundred more than the 336 it sold in the fourth quarter.
Foot traffic was also down during the end of the year, but the firm noted that overall, the number of open home visitors rose across the year to total approximately 14,000 attendees per quarter. The average number of bidders at each auction held steady at 3.5.
The firm’s quarterly report, headed by CEO Thomas McGlynn, noted that off the back of the most recent numbers, the network expects to see fewer fluctuations over the course of 2024.
“Opportunity-hungry buyers absorbed the listings, and sellers continued to adjust their expectations to meet the market, resulting in consistently strong pricing results within swift time frames. Overall, however, the quarter showcased remarkably consistent metrics compared to the previous quarter, indicating a stabilisation in baseline market dynamics,” the brand reported.
“A year-on-year analysis of the Sydney property market confirms positive shifts have occurred. While peaks and troughs will remain a hallmark of the buying and selling environment, 2024 is set to be more stable,” it added.
In evidence of this, BresicWhitney reported that it began 2024 with 150 properties signed for sale, while PropTrack data confirmed that across key inner Sydney markets, total listings are 12 per cent higher than the same time last year.
While price gains are expected to be more modest this year compared to last, the network highlighted the inner west market as an area where it continues to see high demand, particularly attracting buyers from the city’s inner east and CBD to “prestige” properties.
BresicWhitney in fact set a Newtown record in 2023 with the $6.85 million sale of 41 Georgina Street, which was later obliterated by the $13 million sale of a five-bedroom home on Australia Street.
Within these markets, desire exists for statement properties even when extensive renovations are required – a trend that’s expected to continue throughout the year.
In the rental market, the network predicted that though migration is set to continue adding pressure to vacancy rates, some hope can be found in a slight uptick in investor activity.
Despite being in its nascent stages, the network confirmed it is seeing a trend in “the modest rise in investors acquiring properties, coupled with a decrease in the number of investors exiting the market”.
“If this continues, the increase in supply may lead to a potential stabilisation in the rental market across 2024,” the report added.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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