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The harbour city might be experiencing a seasonal slowdown, but insider intel suggests an influx of new activity is about to arrive.
Boutique inner Sydney agency BresicWhitney has hinted at an “early start to the ‘spring selling season’” this year, as sellers prepare to hit the ground running.
“BresicWhitney data reveals listing volumes increasing and an uptick in owners intending to sell over this period; reflected by a higher-than-average number of agency agreements signed across BresicWhitney, with these properties due to come online towards the end of winter,” the company stated in their latest quarterly report.
In the meantime, transactions are slow and buyers are eschewing traditional sales routes in favour of alternative pathways to home ownership.
“Q2 welcomed an increasing proportion of sales occurring off-market, or selling prior to auction, reflecting the broad-based appetite to buy Sydney property,” said the agency.
In total, 21 per cent of BresicWhitney’s Q2 transactions occurred off-market, the highest proportion in over a year.
Traditional auction bidding has also taken a back seat for the moment, with pre-auction sales on the up.
“This was exemplified during auction activity on the last weekend of June, in which of 23 scheduled auctions, 15 of those sold prior,” noted BresicWhitney.
Throughout the quarter, consumer sentiment has been weak due to ongoing concerns about future rate hikes, high inflation, and economic uncertainty.
BresicWhitney attributed the resilience of Sydney’s property market in the face of these concerns to the city’s evergreen lifestyle appeal.
“Sydney’s key lifestyle markets, or those within an approximate 10-kilometre radius of the CBD, continue to remain the most sought-after for buyers seeking connection, community, and the quintessential lifestyle that our harbour city offers.
“It is largely insulated from broader economic fluctuations for many reasons – not lease because property ownership has become intrinsically linked with modern lifestyle choices and long-term financial planning across many demographics.”
“BresicWhitney remains steadfast in its assessment of the resilience of Sydney’s property market,” the group concluded.
