Sydney housing market update [video] | July 2024

Sydney dwelling prices reached a new record high in June, surpassing the previous January 2022 peak with a 0.5% rise over the month.

It took the market twelve months to find a trough with values falling 12.4% between January 2022 and January 2023.

Since then, it’s taken 17 months for values to recover and reach new record highs.

Sydney house prices graph

Although Sydney home values have been consistently rising over that time, the pace of growth has eased.

A year ago, Sydney dwelling values were rising at nearly 2% month on month, but in today’s market, the pace of gains has slowed to just 0.5% or the equivalent of around $6,000 per month.

Rental markets have also seen an easing in the growth trend with the annual pace of rental growth slowing from 11.1% a year ago to 7.9% in the latest financial year.

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