Sydney housing market update May 2023
2023-05-17
Sydney's housing market is once again leading the cycle, posting a third consecutive month-on-month rise, taking housing values 3% off their recent low point.
The trend in market conditions follows a 13.8% drop in values.
In dollar terms, from peak to trough Sydney home values were down approximately $160,000.
Advertised supply levels held well below average through April, finishing the month nearly 17% below the five-year average for this time of the year.
Rental conditions also remained extremely tight with the vacancy rate holding at 1.2% over the month, pushing rents to a new record high.
Source: Propertyupdate.com.au
The trend in market conditions follows a 13.8% drop in values.
In dollar terms, from peak to trough Sydney home values were down approximately $160,000.
Advertised supply levels held well below average through April, finishing the month nearly 17% below the five-year average for this time of the year.
Rental conditions also remained extremely tight with the vacancy rate holding at 1.2% over the month, pushing rents to a new record high.
Source: Propertyupdate.com.au
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