What a year 2023 was for the Sutherland Shire. Amid increasing cost of living pressures, external challenges influenced by inflated interest rates and general uncertainty, the local real estate market showed promising strength and impressive resilience.
A rise in immigration has fueled a need for immediate property purchases creating a robust market environment where housing stock has been scarce. With lower supply than demand, buyers have felt a sense of urgency and uncertainty to secure a home. “With the average days on market slightly exceeding 28 days, the environment has been considerably stable,” says Lucas Pratt, Pulse Sales/Auctioneer.
“We were pleased to see that a balanced market prevailed, and sales activity persisted despite the holiday season, with transactions continuing until Christmas Eve.”
During the last quarter of 2023, the Pulse team met with 3,764 prospective buyers at open homes, an increase of 45% from the previous year. This heightened level of activity has extended into the New Year with increased inquiries, inspections, and a noticeable rise in property interest.
High-end luxury homes, particularly those priced above $3 million, experienced greater demand than properties below $2 million. Waterfront properties in Gymea Bay and Oyster Bay achieved record prices in the latter part of the year, contributing to the market’s overall strength.
Some of our notable campaigns include:
● 15 Parkview Street, Miranda: This newly built, luxurious family home was on the market for 21 days with a guide of $2,500,000. It sold prior to the scheduled auction for $2,833,000 after more than 70 buyer inspections.
● 3 Nimbin Place, Yarrawarra: This generously proportioned property attracted 152 buyer inspections, was on the market for 27 days and sold at auction for $1,500,000 with 18 registered bidders competing.
● 5/7-11 Searl Road, Cronulla: This property sold off-market within 7 days, after showing 5 qualified buyers through.
● 6 Third Avenue, Gymea Bay: This spacious single-level home was on the market for 23 days with a guide of $2,900,000. It sold at auction for $3,500,000 with 6 registered buyers.
Units remain strong performers in the market, with sales consistent. Built for density and including basement parking, they’re ideal for downsizers. “Apartments are also very appealing to the younger market who prefer low-maintenance living and close proximity to transport and amenities,” Lucas
explained.
There’s hope for Sydney renters in 2024, with the rental sector showing signs of stabilising after a challenging year where a lack of available rentals drove prices up. Whilst tenants will still be competing for available properties, our Pulse team saw the following promising leases during towards the end of 2023:
● 34/10-20 Mackay Street, Caringbah – 2-bedroom apartment – $720 per week
● 3/7 Girrilang Road, Cronulla – $1,600 per week
● 27 Dickin Avenue, Sandringham – $2,000 per week
The Sutherland Shire demonstrated remarkable strength with some noteworthy sales results, particularly in Gymea Bay, Cronulla, Caringbah South and Oyster Bay, truly highlighting the market’s capacity to withstand challenges.
According to Lucas, the scarcity of available properties and sustained demand from various buyer demographics have led to a balanced market overall. As the market continues to prove its resilience, the advice from industry experts echoes a familiar sentiment: If you find a property you like, the current conditions suggest seizing the opportunity. With a history of navigating similar cycles, the recommendation is clear – don’t delay!
For more insight into the value of your home or to find out if your property is achieving maximum rental returns, download your free report now. Alternatively, connect with our team to discuss your situation whether you are considering selling, buying or investing in the Sutherland Shire.
Information provided is not financial advice.