It’s hard to believe, but 2023 is already drawing to a close.
So, with less than eight weeks remaining until Christmas, we explore six things buyers need to know or do if they want to buy property in Darling Point before year’s end.
1. There is more choice
One of the major issues we’ve faced in the Darling Point property market over the past couple of years has been a lack of properties for sale. And, as we reported earlier this year, the trend was only getting worse over 2023.
In fact, there have been times when some buyers have struggled to find anything on the market that comes close to meeting their needs.
While we’ve felt the frustration of this effect locally, it’s actually part of a national trend. Between November 2019 and July 2023, property listings across Australia fell by around 35%, according to SQM Research.
The good news for buyers is that this looks to be changing. For the past two months, the number of listings has been rising, and we’ve been seeing more properties come to market this Spring than in several years. Last week alone, there were 891 auctions across Sydney, according to Domain. That’s almost a 50% increase from May this year – and a sign that, after waiting out interest rate rises and global economic uncertainty, people have greater confidence to transact.
2. That means there are great properties for sale
The data supports precisely what we’re seeing on the ground – there is a noticeable lift in the number of listings coming to market this Spring.
That means, as a buyer, some fantastic properties are coming up for sale in our local area, many of which feature expansive harbour views.
This includes 29/3 Darling Point Road, an opportunity to amalgamate four existing apartments totalling approximately 400 square metres and occupying the entire 29th floor of the Ranelagh building. It also includes absolute waterfronts, such as 1/27 Sutherland Crescent and 1/33 Sutherland Crescent, and sub-penthouses with expansive harbour views such as 11/1 Sutherland Crescent. We are also selling the world-class penthouse at 1/44 Mona Road, and 18C/21 Thornton Street, a three-bedroom apartment with stunning views in ‘Thornton Place’.
3. But there is also more competition
Property prices are set by the laws of supply and demand. And, while there are currently many more properties for sale right now – increasing the supply side – the demand side has risen too. Growing confidence in the fundamentals of the economy and our local housing market has also brought more buyers out. And that means prices are rising.
The latest figures from realestate.com.au reveal that Darling Point’s median apartment value has risen 8.3% over the past 12 months to stand at $2.835 million. What makes this more impressive is that prices in our suburb also grew in 2022, at the same time as values around much of the city fell.
As always, we’re particularly noticing strong competition from downsizers, many of whom are taking advantage of more favourable conditions to sell their family home. They’re joined by a growing number of young professionals and families – many of whom are choosing the convenience of a harbourside apartment over living in a more traditional suburban setting.
4. It pays to act decisively
Against this backdrop, it often pays to put your best foot forward and act decisively – especially if you’re intent on securing your home before the New Year. After all, historically, very little comes on the market over December and January. SQM Research reveals that over the past three years in postcode 2027, a median of only around eight new listings tends to hit the market over each of these two months.
That said, there is an increasing trend towards off-market listings over the summer months. These are properties that real estate agents market to their private database rather than to the general public.
So, if you find that you haven’t been able to secure your new property by year’s end, register your interest in Darling Point properties with me to be kept informed of off-market listings, sales results and what is coming on the market soon.
5. Get your team of experts together
If you’re serious about buying a home in Darling Point before the end of 2023, make sure you have your team of experts ready to go. As a starter, this should include your lawyer or conveyancer. It also pays to know that Darling Point’s apartments are sometimes company title, which has its benefits but may require more specialist advice than reasonably straightforward strata title properties.
I also often advise buyers to recruit the services of a good buyer’s agent – one who knows the local area and its value and is well-connected to real estate agents and the market. A buyer’s agent won’t just help you negotiate the best deal; they’ll also often get access to properties before the wider market.
6. Remember, 2024 will be a brand new year
One interesting fact about our property market is that the summer break often signals the end of the phase and the beginning of a new one. For instance, it was in February this year that Sydney property prices started rising after a year of widespread declines.
In other words, if you hold off buying in 2023, prepare to face a different market from the one we’re seeing right now. That could mean a return to less stock or rapid price gains.
If you’d like to know more about the Darling Point property market or if you need help buying or selling a home, get in touch.