EOFY Market Wrap-Up for Sydney's Inner East Property Market

McGrath Surry Hills, an award-winning real estate agency in Sydney's Inner East, has released its End of Financial Year (EOFY) market wrap-up. Founder and Principal Mark Foy shares that despite the challenging economic environment, the Inner East in particular Surry Hills, Redfern and Darlinghurst have shown resilience and provided solid results throughout the first half of 2024.

Market Performance Highlights:
Surry Hills:
•    Average property prices increased by 5% compared to the previous year (source: CoreLogic).
•    Days on market for listed properties decreased by 10%, indicating a faster turnaround for sales (source: CoreLogic).
•    The number of properties sold off-market saw a significant rise, reflecting the competitive nature of the current market.

Redfern:
•    Property prices rose by 4% year-over-year, showcasing strong demand (source: CoreLogic).
•    There was a 12% decrease in the number of properties listed, contributing to tighter stock levels.

Darlinghurst:
•    Property prices saw a modest increase of 2% (source: CoreLogic).
•    The number of properties sold off-market grew, indicating a competitive market environment.
•    Days on market for listed properties decreased by 8%, suggesting quicker sales (source: CoreLogic).

Mark Foy, shares his insights and predictions for the property market as we move into the latter half of the year:

Stock Levels: "Whilst owners navigate themselves and their families through a tougher economic environment, my prediction is that stock will continue to tighten throughout the second half of 2024 due to affordability and access to lending," said Mark

Buyer Activity: "Buyers will need to move quickly to secure their properties as fewer homes are being advertised and more homes are sold off-market," said Mark.

Seller Strategies: "Sellers should consider being better priced and less negotiable to secure a sale. The longer a property stays on the market, the less buyers are willing to pay," said Mark.

Overall, Mark predicts that the Inner East property market is expected to experience continued tightening of stock levels due to economic factors affecting affordability and access to lending. He also warns that properties that remain on the market for extended periods tend to attract lower offers, making it crucial for sellers to position their listings effectively from the outset.

About Mark Foy and McGrath Surry Hills: 
Mark Foy is the Founder and Principal of McGrath Surry Hills, renowned for his deep knowledge and understanding of the Sydney property market. McGrath Surry Hills is a leading real estate agency committed to delivering exceptional service and expertise in the Surry Hills, Redfern and Darlinghurst markets and surrounding areas.

For further insights or interviews with Mark Foy please contact: 
Lisa Solomons | 360 PR | M: 0416 175 518 | E: lisa@360pr.com.au