Randwick EOY Real Estate Recap
As we near the close of the year, we look back on the activity and results in the Randwick real estate market. Despite the challenges of rising living costs and a climbing interest rate environment, the Randwick real estate market remained resilient. Randwick's charm and relaxed character continue to drive demand for buyers and sellers from all walks of life. In total, Randwick sold 270 units, amounting to $349,629,795 worth of real estate, and 117 houses, totaling $437,488,902.00.
The property market over the year was full of many peaks and troughs, presenting a dynamic landscape for owners and investors. Here is a quick recap of what we saw. At the beginning of the year, the Sydney real estate market showed signs of fear of a potential recession, with high interest rates from the big banks causing panic and concern. Around the middle, the Sydney real estate market started to look slightly optimistic, with financial records showing that housing values were stabilising for the first time. CoreLogic data records revealed that the combined capital cities value rose 0.7 per cent and clearance rates were stronger than those previously seen in 2022. While rumours of a housing market crash were put to bed, we did envision a shift from a seller's market to a buyer's market.
Although the Sydney real estate market appears to be healthy, rental market attitudes do not appear to be in the same vein. The rental market crisis has been a focal point in media and politics. The lack and imbalance of supply and high demand have led to higher-than-usual levels of competition and escalated pricing.
Nevertheless, the Sydney market continues to thrive, held together by high demand from potential buyers and overseas investors still active in the market. With new first-home buyers experiencing FOMO (fear of missing out) and the rise of property prices making it harder to get into the market, this will continue to pose challenges in the new year.
If you are looking to make the move to Randwick next year, get in touch with us today.