R&H

Early Easter contributes to surge in Sydney buyer activity

February 1, 2024

Recent research conducted by Raine & Horne reveals a remarkable uptick in open for inspections (OFIs) in Sydney and regional NSW, recording a substantial 15% increase in December 2023 compared to the previous year. 

This surge underscores the growing enthusiasm among buyers in Sydney as the NSW capital heads into the new year and an autumn market that public holiday weekends such as Easter in the last week of March and Anzac Day will impact.

Angus Raine, Executive Chairman of Raine & Horne, attributes the heightened buyer activity in part to the recent decision by the Reserve Bank of Australia (RBA) to keep interest rates unchanged. 

According to Mr Raine, this decision has instilled a renewed confidence in buyers, reflecting their increased engagement with the Sydney real estate market.

“Our data showed that confidence returned last month when the RBA left rates on hold, and now many of our offices are reporting bustling early-year open homes,” said Mr Raine.

The combination of factors, including interest rate and employment stability, the stabilisation of overseas migration, and other positive economic indicators such as falling inflation, has contributed to the notable spike in buyer activity during open homes across Sydney. 

“This trend indicates a resilient real estate market that continues to attract and engage potential property buyers,” Mr Raine said. 

As the city gears up for an early Easter, Raine & Horne anticipate this positive momentum will persist, driving further activity in the Sydney real estate landscape. 

“The combination of favourable market conditions and increased buyer confidence position Sydney as a robust and appealing destination for those looking to buy and invest in real estate,” Mr Raine said. 

“We also expect that the March Easter is encouraging some buyers to bring their real estate plans forward, and as such, the traditional autumn market is likely to be in full swing by the end of February.”

On the supply side, Mr Raine highlighted that listings are currently on par with December 2022. Recognising this, he emphasised that now is an opportune time for property owners contemplating an early 2024 sale to take advantage of the current market dynamics.

“With property values in Sydney witnessing a remarkable surge of over 11% in the past year, coupled with an increased buyer appetite resulting from interest rate stability, the stabilisation of overseas migration, and positive economic indicators, the prospects augur well for vendors to consider an early 2024 sale,” Mr Raine commented.

Angus Raine’s tips for selling in autumn

  1. Accentuate quality over quantity: Autumn typically sees fewer properties on the market than spring and summer. Highlight the individuality and quality of your property to stand out among the limited options available.

  2. Check gutters and drainage: Living among trees means autumn brings clogged gutters. Avoid a messy roof by hiring professionals for a cleaning and drainage check.

  3. Declutter for successful open for inspections: Regardless of the season, decluttering is essential for successful open for inspections. Remove unnecessary items, especially knickknacks, and consider storing or discarding them. Create a neutral, clean canvas for potential buyers to envision their style in the home.

  4. Remodel key areas: Invest in sprucing up critical areas of the home, such as the bathroom and kitchen. Simple updates such as tile paint, contemporary door handles, or a stone bench in the kitchen can enhance the property’s appeal. The general guideline is that sensible spending on these updates can yield a positive return on investment when selling.

  5. Present the garden and lawn at their best: Take time to present the garden and lawn in the best possible light. Trim plants, clear spider webs, and add fresh mulch to garden beds and pot plants. If your property has deciduous trees, leverage the vibrant backdrop of autumnal leaves, but don’t forget to rake them up to maintain a tidy appearance.

  6. Contact a local real estate agent: If you’re considering selling your property in autumn, contact your local Raine & Horne agent for an obligation-free appraisal. Professional guidance can help you navigate the market, determine an optimal selling strategy, and maximise the potential of your property sale.