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Sydney housing market update [video] | November 2023 - featured image

Sydney housing market update [video] | November 2023

CoreLogic's National Home Value Index rose a further 0.9% in October, accelerating from a 0.7% rise in September.

Although housing values are consistently rising across most capital cities, there has been a slowdown in the quarterly pace of growth.

Capital city home values rose 2.6% over the three months to October, down from the 3.7% rise seen over the three months to June, likely driven by a combination of higher advertised stock levels and stretched affordability.

Housing values in Sydney rose by another 0.8% in October, adding roughly $9,000 to the median value of a dwelling.

Sydney Housing Market Update | November 2023

Since values started rising in February, the markets recovered by 11.6%.

Syd 1

Yet values still remain 2.2% below the record highs from early 2022.

The pace of growth is still quite rapid, especially given the affordability challenges that persist across the market, but values aren't rising as quickly as they were around the middle of the year when the monthly growth rate reached 2%.

Syd 2

The slowdown is occurring alongside a rise in vendor activity, with the flow of new listings added to the market rising 14% since the end of winter, and total listings rising by 9.3%.

As the flow of new listings coming into the market accelerates, it's unlikely buyer demand will be able to keep pace amid high interest rates and low sentiment.

Dwelling values rose across each of the capital cities, except Darwin through the month, with Perth, Brisbane, and Adelaide as the top-performing markets.

Across the other capitals, Sydney values remain 2.2% below their January 2022 peak and Melbourne values are 3.7% below their March 2022 peak.

This trend of higher growth in the capital cities was evident across every state.

Despite the slower pace of growth, every rest of the state region did record a rise in housing values over the month, except regional Tasmania, where housing values were flat.

Similar to the trend in the capitals, regional Queensland, Western Australia, and South Australia are all showing stronger conditions with each of these broad regions at record highs in October.

While vendor activity has picked up, home sales are tracking only slightly above the five-year average across the capitals and are losing some momentum.

Regional sales are holding reasonably steady but at slightly below-average levels.

With vendor activity gathering some momentum, while buyer activity slows, it's likely selling conditions will continue to rebalance back towards buyers, especially in those cities where advertised supply levels are high.

In markets where demand and advertised supply levels are more evenly balanced, it's logical to expect price growth to slow down.

You may also want to read:

National Housing Market Update [Video] 

Perth Housing Market Update [Video]

Adelaide Housing Market Update [Video]

Brisbane Housing Market Update [Video]

Melbourne Housing Market Update [Video]

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