This analysis offers a clearer picture of the Sydney eastern suburbs property market in Autumn 2024:

Market Overview: Growth with Nuance

Sydney’s prices have increased steadily, with a 9.6% rise year-on-year to March 2024. However, the growth rate has slowed in recent months, with a modest 1.7% increase in the last six months. This trend is reflected in auction clearance rates hovering around 60-70%, indicating a still strong but less frenetic market compared to 2021.

Eastern Suburbs: A Tale of Two Segments

The eastern suburbs stand out with a tighter market and higher clearance rates (75.2% in late April). This has driven property prices higher than the city average, but with significant variations. Some suburbs, like Bondi and Kensington, show steady growth, while others like Woollahra and Rose Bay have seen price declines, particularly in apartments.

Price Growth by Property Type (March 2023 – March 2024)

The provided table effectively highlights house and apartment price variations across suburbs. Notably:

• Bellevue Hill and Vaucluse: Significant growth in both houses and apartments, indicating strong demand in the ultra-premium segment.
• Double Bay: Substantial house price increase, while apartments show a slight decline.
• Clovelly: Remarkable growth, especially in apartments, suggesting it’s becoming a more attractive alternative to Bronte.
• Centennial Park: Apartment prices rose significantly, potentially narrowing the price gap with Woollahra.

Factors Influencing Price Movements

• Limited Listings: CoreLogic data confirms the eastern suburbs have the lowest listing rate in Australia, driving competition and pushing prices up. Clovelly, with exceptional growth, exemplifies this effect.
• Suburb Catch-up: Certain suburbs appear to be catching up with their pricier neighbors. Centennial Park apartments, for instance, are becoming more sought-after, potentially due to their relative affordability compared to Woollahra.
• Ultra-Premium Market Strength: Demand remains high for luxury properties in Bellevue Hill, Double Bay, and Vaucluse. This segment seems less affected by interest rates and cost-of-living pressures, suggesting continued growth.

Looking Ahead: Continued Growth with Variations

The eastern suburbs property market is likely to see price increases for the rest of 2024, influenced by:

• Limited supply: The low listing rate is expected to persist, putting upward pressure on prices.
• Suburb dynamics: Catch-up effects and value comparisons between neighboring suburbs will likely continue to influence price movements.
• Ultra-luxury market: This segment is expected to outperform the broader market due to global economic factors.

Overall, the Sydney eastern suburbs property market in Autumn 2024 presents a dynamic picture. While growth is evident, variations exist across suburbs and property types. Understanding these factors is crucial for anyone considering buying or selling in this prestigious area.