Sydney Property Market Update: October Insights and a Look into Downsizing
As we reflect on the month of October, the Sydney property market showed a notable increase in total advertised listings, with auction clearance rates peaking in the first fortnight before experiencing a slight decline in the final week.
In this edition of our fortnightly market wrap, we’ll provide key insights into Sydney’s property market, and delve into the topic of downsizing, a significant consideration for homeowners navigating their evolving lifestyle needs.
Sydney Property Market Insights:
In October, Sydney’s total advertised listings were 13.2% higher than the previous five-year average, demonstrating strong seller confidence in the market. The national Home Value Index (HVI) also rose by 0.3%, making October the 21st consecutive month of growth since February last year. For the week ending October 27, 2024, CoreLogic reported an auction clearance rate of 55.9% for the Sydney region, a slight decline of 7.1% from the previous fortnight. The North Sydney to Hornsby sub-region similarly experienced a slight fall of 10.3%, resulting in a clearance rate of 57.6%. Despite the dip in auction clearance rates this fortnight, it is anticipated that a resurgence in auction activity will be present in the leadup to the Christmas holiday period.
Downsizing: Advantages and Considerations
Downsizing can mark an exciting new chapter in life, offering a range of benefits tailored to your evolving lifestyle. In this section, we’ll highlight key factors when deciding if you’re ready to downsize.
Benefits of Downsizing:
- Increased Cash Flow – downsizing can free-up funds for investing, saving, travel, or paying off existing financial commitments.
- Reduced Maintenance – a smaller property generally requires less time and effort for upkeep, allowing you to enjoy more leisure time.
- Convenience – it enables you to choose a home layout that better suits your lifestyle and provides you the option to move closer to amenities, public transport, and family.
- Lower Costs – Generally, a smaller home translates to lower insurance and utility bills, including costs for water, gas, electricity, heating, and cooling.
- Reduced Carbon Footprint – Living in a smaller space can contribute to a more sustainable lifestyle and energy usage
Considerations
- Space Management – Downsizing means reassessing how you use your space and what furnishings are essential
- Property Type – Consider whether a unit, townhouse, over 55s living, or retirement village best suits your needs
- Neighborhood – Evaluate new locations that offer the amenities and services you require
- Financial costs – Be mindful of expenses you might incur such as stamp duty, legal fees, removalist fees, and strata fees
Alternatives to Downsizing
- Renting Out Space – For more information on renting out your property =for more details about how you could rent out your property, please contact our property management team
- Convert to Dual Occupancy – Explore the option of dual occupancy, subject to local council regulations
The Marshall Group Specific Data Insights
In October, attendance at The Marshall Group’s open homes continued to rise, reflecting strong buyer interest and an optimistic market outlook. So far in 2024, The Marshall Group has successfully sold 164 properties, with a total value exceeding $0.42 billion.
For any questions or further information about the property market, please contact us at our offices in Gordon, Lindfield, St Ives and Wahroonga.