A strong start for Sydney property.

Year-on-year results highlighted a 16% increase in the volume of properties sold by BresicWhitney in 2023 compared to 2022, accompanied by a 47% increase in the number of properties listed. The annual foot traffic through open homes experienced an uplift, reaching 14,111 in Q423. The group’s average auction clearance rate remained strong at 77%, showing an increase from both the annual and prior quarter’s rate of 73%.

The average registered bidders maintained a healthy level at 3.5. However, with a consistent +20% of BresicWhitney’s transactions selling off-market, it’s evident that there is buyer appetite for such opportunities.

While an annual analysis provides perspective, the ongoing nuance within the Sydney real estate market and its ability to pivot quickly remain crucial considerations for those in the market. The volume of BresicWhitney properties transacted in Q423 (336) marked a considerable drop from the 430 in Q323, reflecting an associated pullback in open home attendance. This quarterly shift is attributed to the unseasonably strong Winter months of 2023, an occurrence that saw BresicWhitney host its highest-ever volume of properties for sale at any one time (150+).

Opportunity-hungry buyers absorbed the listings, and sellers continued to adjust their expectations to meet the market, resulting in consistently strong pricing results within swift timeframes. Overall, however, the quarter showcased remarkably consistent metrics compared to the previous quarter, indicating a stabilisation in baseline market dynamics.

Read The Quarterly here.