Sydney Property Market Update: Interest Rate Hikes Testing Premium Suburbs
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What recent trends are affecting the Sydney property market?
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New research out from the Regional Australia Institute tells us that Sydney residents are driving a significant migration to regional areas. 41% of people are considering a move due to high living costs and housing prices. And because the housing market is set to grow, what is that figure amongst Gen Zs likely to be in five years from now? Well over 60%, I'll put that to you. It's a brain drain out of Australia's largest city. It is happening where you are. People in Brisbane are going into the regional Queensland areas.
It is happening to some extent from Brisbane into the regions. And it is a phenomenon that we're seeing across all capital city markets. And people are looking for some draw cards of those regions, including more affordable housing and cheaper living costs, because these are the things that capital cities can often make it harder for people to stay in capital cities at times where housing just keeps escalating in value.
Yeah, living costs, what a nightmare every time we're going to the supermarket. Yes, can we bring the cost of food down, please? Now, Brisbane's listing volumes, that remains well below average. With house and unit stocks down sharply compared to longer-term norms, this constrained supply, it does mean that buyers are often competing for limited choices, which is why Brisbane is still recording these price growths and behaving differently to Sydney and Melbourne.
How are interest rate hikes influencing buyer behavior in Sydney?
Correct. So over the last month, the first month of January, we saw Brisbane escalate in dwelling values 1.6%. Now compared to Melbourne, which changed 0.1% and Sydney, which changed 0.2%, that's a very different price growth momentum. Now, of course, different segments of the market in Brisbane are performing slightly differently as well. And I'm happy to unpack that more.
And Brisbane's unit sector, we should talk about this because it has outpaced houses in recent performance, driven by tighter apartment supply, strong affordability relative to detached housing and rising demand near transport and employment hubs, which really is positioning units in Brisbane as very attractive options. So units outperforming houses at the moment.
That is correct. And I believe a lot of this has come down to affordability pressures because housing's become less affordable and less accessible to a lot of people. So more buyers have therefore pivoted to units and townhouses. Now for perspective, over the last 12 months, the unit market here in Brisbane has escalated 18.3% compared to the house market, which has increased 15.1%. Now compared to other capital cities around Australia, both segments of the market have certainly outperformed, but the unit result here in Brisbane is unique to our city. And a lot of that has been caused by a lifestyle change, demographic demand for inner and middle ring locations and that affordability pressure that I discussed earlier.
Now tell us a little bit about Braidwood because it isn't just another country town.
What factors are driving migration from Sydney to regional areas?
The whole place is heritage listed. People might have seen it on the screen. Is this true? Mick Jagger filmed Ned Kelly. And Nicole Kidman also filmed there with a movie called Flirting.
Yeah, that was some time ago. But yeah, the Ned Kelly film was quite an eye-opener for the local area. It was a bit of a funny film that they made here. Mick stayed at the local pub and after he left, they auctioned off a lot of the furniture that he may have slept in or touched. He was here doing the film and I believe he damaged his hand at one stage when a prop gun went off and he spent some time here injured and wrote Brown Sugar.
Wow. Okay. Did not know that. That is a nice piece of history coming out of Braidwood. Now, while some areas are sweating on prices, Braidwood seems to be holding strong.
How is the Brisbane property market performing compared to Sydney?
Can you give us the median price and what's been happening with the housing situation?
post covered you know we had a very busy time an unsettled market there was a lot of people that had holiday homes down in our area that came down to sort of escape the apartment living and then realized that they prefer the lifestyle in the country and made a permanent move we had a lot of people fighting over property and it took us a good 24 months to get the market back under control
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Chapters
8 chapters
1
What recent trends are affecting the Sydney property market?
0:02–1:51
2
How are interest rate hikes influencing buyer behavior in Sydney?
1:51–3:42
3
What factors are driving migration from Sydney to regional areas?
3:42–4:36
4
How is the Brisbane property market performing compared to Sydney?
4:36–6:25
5
What makes Brisbane's unit sector more attractive than houses?
6:25–8:14
6
How has the housing situation in Braidwood changed post-pandemic?
8:14–9:41
7
What community aspects are drawing people to Braidwood?
9:41–11:35
8
What should buyers consider when navigating the current market?
11:35–15:01
Speakers
3 identifiedMore from Aussie Real Estate Podcast
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