January 2022 Market Update
Each month, the latest figures for property sales in Australia are released to help us see how the market has been evolving up until that point. If you're interested in buying your first or next Property in Sydney, then these are the key facts for you.
January 2022 Market Update:
-The population for Sydney is growing rapidly and is now at 8,499,767 people.
-Average price of a property is currently $3 million with a total of 163 properties sold this January while there were 128 new listings on offering.
-Total sales amount to $1.85 billion while only $48 million was spent on new listings.
-The median price drop is 3.5% since this time last year, the exchange rate is on the rise causing a 6.2% drop in value.
-Average number of days on the market is 40 days and 31% of buyers are using a Real Estate Agent to help them find their dream home.
-Real Estate Agents have seen a lot more transactions for houses compared to Units, with 58% of all transactions being houses vs 42% for units.
-There was $1.4 billion worth of property for sale in January 2022 with only $9 million sold.
-Sales figures for houses has slightly dropped but prices have also fallen, this is a clear indication that investors are losing interest in the market.
-There was a 2% drop in sales after the stamp duty changes and many sellers still feel there is a chance of a change in government which could cause prices to drop further.
-The average days on the market has fallen by 4 days since the last quarter and homes are selling quicker than ever before.
-There has been a rise in "Sale" now accounting for 30% of all sales in January compared to 20% the previous months.
-Seven out of 10 properties sold in January was a house whereas only 5 houses were sold in total during the same period last year.
-The city of Sydney has seen the highest number of sales at 71 while Hunter Valley recorded the least at 12.
-There were 3,512 new listings on offer this January, an increase from 3,092 within a year indicating that is beginning to pick up at a quicker rate than expected.
-With the introduction of the 1% foreign buyer tax in NSW and a 15% stamp duty for investment properties, there is still a lot of uncertainty for investors.
-There are now 1,530 properties available for sale in January from a previous 1,691 at this time last year.
-The median price has dropped significantly since this time last year with a large drop in value as a result of rising interest rates and an exchange rate increase.