Sydney Property Market Update: Auction Clearance Rates Up and Design Tips for Your Home
As we approach the final months of 2024, Sydney’s property market continues to show strong buyer demand and increased seller confidence. Auction clearance rates and total property listings are on the rise, reflecting a healthy market environment.
In this edition of our fortnightly market wrap, we’ll provide key insights into Sydney’s property market and delve into two design trends that have captured the attention of homeowners and renovators alike: Japandi and Moditerranean. These styles have gained traction due to their ability to create timeless, harmonious interiors that balance modern aesthetics with cozy functionality. Whether you’re preparing your home for sale or simply looking to refresh your space, understanding these design trends could aid in elevating your property’s appeal.
Sydney Property Market Insights:
For the week ending November 10, 2024, CoreLogic reported an auction clearance rate of 59.8% for the Sydney region, an increase of nearly 7% since the previous fortnight. The North Sydney to Hornsby sub-region similarly experienced an increase of 10.8%, resulting in a clearance rate of 63.8%. The increase in auction activity signals a renewed energy in the market, particularly as we approach the holiday season. The national Home Value Index (HVI) for all Sydney dwellings showed a year-on-year increase of 3.7% at the end of October, reinforcing the ongoing strength of the Australian housing market.
Unpacking Key Design Trends – Japandi and Moditerranean:
If you’ve been watching the The Block, you’ll be familiar with two design trends that have captured the attention of homeowners and renovators alike: Japandi and Moditerranean. These two styles have become popular in Australian homes because of their ability to create serene, stylish spaces through a balanced fusion of design principles.
Japandi
Japandi is a blend of Japanese minimalism and Scandinavian functionality, creating interiors that emphasise clean lines, natural materials, and a calming neutral colour palette. Inspired by the Japanese principle of wabi-sabi (the beauty of imperfection) and the Scandinavian concept of hygee (cozy contentment), Japandi design embraces simplicity and practicality without sacrificing comfort. Interiors typically feature handcrafted furniture, textured fabrics, and warm lighting to create a balanced and harmonious environment.
Tips for incorporating Japandi design:
- Opt for furniture with clean minimalistic lines made from natural materials
- Stick to a neutral colour palette with soft accents of earthy tones
- Prioritise quality over quantity when selecting furnishings
- Use warm lighting sources to create a calming atmosphere
Moditerranean
Moditerranean design combines modern minimalism with Mediterranean charm to evoke a relaxed yet sophisticated vibe. Drawing inspiration from the sun-drenched landscapes of Southern Europe, this style incorporates elements like curves, natural wood, and woven textures. The colour palette is warm and inviting, with earthy neutrals, deep blues, terracotta, and accents of green and yellow.
A key feature of Moditerranean design is its emphasis on indoor-outdoor living, with spacious, light-filled interiors that seamlessly blend to an outdoor oasis. This design trend easily meshes rustic warmth with sleek modern lines to create your very own chic, tranquil paradise.
Tips for incorporating Moditerranean design:
- Use earthy tones for your interior colour pallet
- Choose handcrafted furniture with soft, rounded edges
- Incorporate plants such as olive trees and herbs for a touch of greenery
- Add sculptural ceramic art pieces to enhance the Mediterranean feel
The Marshall Group Specific Data Insights
Attendance at The Marshall Group’s open homes in the month of November has continued to be strong, reflecting a positive market outlook. So far in 2024, we have successfully sold 170 properties, with a total value exceeding $0.45 billion.
For more information of any questions regarding the property market, please contact us at our offices in Gordon, Lindfield, St Ives and Wahroonga.