Real Estate in Sydney
The greater Sydney region is around 12, 300 kilometers and is the most populous city in Australia with a population of 4,921,000 and a population density of 400 people per square kilometer 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 surprisingly, 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 at $694 if you sell your home yourself with the help of PropertyNow.
The real estate market in Sydney
The real estate market in Sydney has continued to slow in 2018, values are falling instead of rising. Dwelling values in Sydney were down 0.9% in the first four months of 2018 and 4.8% over the last 12 months (compared with last year, with values being 4.5% lower than their peak in July 2017.)
Unit values have been falling, although much less than houses, and are down by 1.4% over the last 12 months with house values falling 5.8% since peaking in June 2017. As of June 2018, median dwelling price in Sydney is $875,000 with median house values at $1,026,000 and median unit values of $753,000.
Auction clearance rates, which went as high as 74.3% last year have fallen in 2018 with a lower clearance rate of $56% as of early June 2018, however annual home sales in Sydney overall are still down 1.3% in the last year.
Despite the increases in property values, weekly rents have changed little over the last 12 months sitting at $570 for houses and $550 for units. The gross rental yields currently are climbing from previous record lows, up 3% for houses and 3.8% for units since July 2017.
The average number of days on the market for sale properties has pushed higher this year, with 36 days on the market being the average for March 2018 (slightly longer than the average of 31 days on the market in March 2017.)
Overall, as of Winter 2018, it's very much a buyer’s market in Sydney, as opposed to being more of a seller’s market between 2016-2017, particularly in inner-suburban and higher-priced areas.
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. In March 2016, 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 June 2018. Please contact us if you require more recent information or advice about leasing or selling a property in Sydney yourself.