Sydney housing market update [video] | September 2024

The pace of growth across the Sydney housing market has remained in positive territory for the 19th consecutive month, with values up 0.3% in August adding approximately $3,800 to the median dwelling value.

Although values are rising, the pace of growth has lost a lot of momentum since moving through a cyclical high in May last year, when values are rising at a monthly pace of 2.1%.

Alongside the slowdown in growth conditions, advertised supply levels are starting to rise and estimates of purchasing activity have slowed to the lowest level since 2018.

Sydney house prices graph

Source: CoreLogic

We're also seeing rental markets moving into what could be the early phase of a downturn, with Sydney's rental index down 0.3% in August, the second consecutive monthly fall in rents.

You may also want to read: National Housing Market Update

About Tim Lawless Tim heads up the Core Logic RP Data research and analytics team, analysing real estate markets, demographics and economic trends across Australia. Visit www.corelogic.com.au