Market update OCTOBER - DECEMBER 2024 Courtesy of Sarah Sibtain Ray White Upper North Shore
As we step into 2025, Sydney’s real estate market finds itself navigating a dynamic period of recalibration and opportunity. The spring selling season of 2024, traditionally a peak time for selling, proved challenging, with national sales volumes sitting 4% below the five-year average. Sydney stood out as a key underperformer, with sales volumes dropping 15.1% below historical trends according to CoreLogic. Increased stock levels and cautious buyer sentiment extended median selling times to 32 days, up from 27 days in 2023. Yet, there were moments of resilience. The national median dwelling price reached a historic high of $800,000 in November, per REB, underscoring the ongoing demand for housing despite affordability pressures. On the rental side, the once-rapid growth tempered to an annual increase of 5.3%, the slowest pace since April 2021, reflecting shifting household dynamics and stretched affordability. Looking ahead, 2025 is expected to bring gradual market adjustments. Analysts suggest that Sydney prices could decline by 1-5%, offering some relief to buyers, especially if anticipated interest rate cuts materialise mid-year. The easing of mortgage stress and an upswing in building approvals, which hit a 22-month high in late 2024, signalling potential stabilisation. For sellers, adapting to heightening competition and strategic pricing will be key to success in this evolving market. A word from my clients “Sarah exceeded our expectations in every way! Her dedication, responsibility, and prompt responses made her an absolute pleasure to work with. Her exceptional knowledge and expertise in her field are truly impressive. Sarah’s professionalism and politeness shine through in every interaction. She listens attentively, provides thoughtful solutions, and delivers highquality results. Her attention to detail and commitment to excellence are remarkable.” - VENDOR, CHERRYBROOK REFLECTING ON 2024 AND SETTING THE STAGE FOR 2025 Sarah Sibtain 0450 035 253 sarah.sibtain@raywhite.com #1 International Business in the Ray White Group #1 NSW Ray White Office
FAST FACTS Source: Pricefinder 2024 1. HOUSES TOWNHOUSES OCT-DEC 24 OCT-DEC 23 OCT-DEC 24 OCT-DEC 23 CHERRYBROOK 45 50 12 12 NUMBER OF SALES 2. MEDIAN SALE PRICE HOUSES TOWNHOUSES OCT-DEC 24 OCT-DEC 23 OCT-DEC 24 OCT-DEC 23 CHERRYBROOK $2,270,000 $2,275,000 $1,405,000 $1,422,500 3. AVERAGE SALE PRICE HOUSES TOWNHOUSES OCT-DEC 24 OCT-DEC 23 OCT-DEC 24 OCT-DEC 23 CHERRYBROOK $2,295,538 $2,343,540 $1,386,667 $1,444,333 4. HIGHEST SALE PRICE HOUSES TOWNHOUSES OCT-DEC 24 OCT-DEC 23 OCT-DEC 24 OCT-DEC 23 CHERRYBROOK $3,450,000 $4,470,000 $1,970,000 $1,800,000 CHERRYBROOK 63% 5. AUCTION CLEARANCE RATE (LAST 6 MONTHS)
HIGHLIGHT SALES IN CHERRYBROOK 25 Walnut Grove, Cherrybrook 23 Robert Road, Cherrybrook 24 Kanangra Crescent, Cherrybrook 6 Boxwood Place, Cherrybrook 6 Teddick Place, Cherrybrook 4 Powell Place, Cherrybrook 27 Gavin Place, Cherrybrook 10 Sanctuary Close, Cherrybrook SOLD $3,450,000 SOLD $3,300,000 SOLD $3,000,000 SOLD $2,888,000 SOLD $2,878,000 SOLD $2,850,000 SOLD $2,760,000 SOLD $2,700,000 6 4 2 5 3 3 4 3 2 5 3 2 4 3 2 6 3 2 4 2 2 5 3 2 *not all properties shown sold by Ray White Upper North Shore
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