The greater Sydney region is around 12, 300 kilometres and is the most populous city in Australia with a population of 4,921,000 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.
Traditional agent commissions in Sydney
Agent commissions in Sydney are surprising, generally 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. On top of a commission, if you sell with a traditional agent, you would also generally pay additional advertising fees which can increase your total cost significantly. All up, your total cost is likely to be well over $20,000 if you decide to sell with a traditional agent as opposed to as low as $694 if you sell your home yourself with the help of PropertyNow.
The real estate market in Sydney
Moving into 2020, the real estate market in Sydney has shown growth for the first time since April 2018, with values starting to rise again. Dwelling values in Sydney were up 6.2% in the first three months ending 2019 and coming into 2020 and 1.6% over the last 12 months, showing an average annual growth of 5.2% over the last decade.
Both house and unit values have been rising. As of January 2020, the median dwelling price in Sydney is $840,072 with median house values at $956,249 and median unit values of $736,530. Auction clearance rates are at 77% as of December 2019 - which is much higher than the 41% of 2018.
Despite the increases in property values, weekly rents have changed little over the last 12 months now, having dropped slightly, sitting at $540 for houses and $510 for units, less than the values of previous years. The gross rental yields currently are climbing from previous record lows, up 2.8% for houses and 3.6% for units.
The average number of days on the market for sale properties has pushed fallen from 2018, with 31 days on the market being the average as of January 2020 (slightly less than the average of 36 days from 2018).
Overall, as of Summer 2020, the market is Sydney is turning back towards being a seller's market with the turnaround we're seeing in the housing market now.
Selling property in Sydney without an agent.
We've had excellent feedback from owner's using our service to sell Sydney based properties, and we tend to notice that when Sydney based 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, putting you at an advantage against similar properties in the market. You can also know for you sure that enquiries are being responded to as quickly as possible and are properly followed up instead of being in the dark as to what's going on. If you're not sure of how to price your property, we can even provide you with a detailed breakdown of sale statistics for Sydney (or a specific suburb of Sydney), as well as an estimated value of your property itself.
Testimonial from a client in Sydney
PropertyNow market properties and support 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.
Real Estate in Sydney
- Category: Suburb and Cities