The greater Sydney region is around 12,300 kilometres and is the most populous city in Australia with a population of 4.9 million and a population density of 400 people per square kilometre in the Greater Sydney region. The predominant age group in Sydney is 25-34 years with households comprised primarily of childless couples.
Agent commissions in Sydney are surprisingly a little lower than the fees you can expect in other capital cities, but are still around 1.84 – 2.0% of the value of your property. If you sell with a traditional agent, you’ll also often pay additional advertising fees on top of the commission.
As a general rule, most traditional agents recommend you allocate around 1% of the asking price towards advertising. For an $800,000 property this equates to $8000 in advertising costs, plus your commission fees on top.
Selling your home yourself through PropertyNow costs as little as $694.
To June 2021, housing markets around Australia continue to surge. Sydney has risen through the growth tables to once again become one of Australia’s strongest housing markets. Dwelling values were up 3% in May, while the growth rate over the past 3 months reached 9.3% – that’s the fastest growth rate over a 3 month period since 1988!
Growth rate is higher for houses than units with house values up 11% over the rolling quarter while unit values grew just 5.3%. Growth conditions are also skewed towards the more expensive end of Sydney’s housing market with the upper quartile lifting 12% over the past 3 months compared with a 5.2% increase in the lowest quartile.
Historically low interest rates, high consumer confidence and an economy expanding at a faster then average pace mean CoreLogic expects housing prices to rise throughout 2021 and into 2022, although at a slower pace. Pricing constraints mean first home buyer demand is currently pulling back while invested demand is increasing.
As of June 2021, the median dwelling price in Sydney is $970,355 with median house values at $1,186,518 and median unit values of $781,708. Auction clearance rates are at 77% as of December 2019.
Weekly rents are sitting slightly higher for houses at $550 and significantly lower at $470 for units. The gross rental yields are lower than 2020, with 2.4% for houses and 3.2% for units.
The average number of days on the market for sale properties has dropped from 2020 to 24 days on the market (compared to 33 average days to June 20).
By June 2021, strong property prices in Sydney have contributed to a housing boom across the country despite the disruptive worldwide Coronavirus pandemic. Reports show that while activity levels drop during lockdowns, housing values quickly stabilise. Sellers can list their property with confidence knowing that the Sydney property market is somewhat resilient even during a pandemic.
We’ve had excellent feedback from owners using our service to sell Sydney-based properties, and we tend to notice that Sydney properties experience much higher enquiry rates and faster sale times than owners in regional areas where demand is lower.
By not paying an agent a hefty commission, you give yourself more room to move on the sale price, which gives you an advantage over similar properties in the market. When you use PropertyNow, you can rest assured enquiries are being responded to quickly and properly followed up. If you’re not sure of how to price your property, we can help you with a current market analysis, give you a detailed breakdown of sale statistics for Sydney (or a specific Sydney suburb), and an estimated value of your property.
“PropertyNow markets properties and supports owners to sell privately, nationwide. Sydney Coulson sold his property in Sydney with our help and had this to say “Thanks to Andrew and PropertyNow our home was easy to list, was listed on the two prominent real estate websites within hours of being added to the PropertyNow site and, as good fortune would have it, sold to the first couple who came to view it. After such a positive experience and saving thousands of dollars in commission, can’t recommend PropertyNow highly enough as the ideal vehicle for buyers and sellers of real estate to connect with one another. PropertyNow will be the first and only port of call for the next real estate transaction.”
*Authored in January 2020. Please contact us if you require more recent information or advice about leasing or selling a property in Sydney yourself.