Demand for Sydney property rises in the middle of winter

By Roisin Kelly-Goldsmith · · 2 min read
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Despite growth in the Sydney property market lagging behind Melbourne’s in the June quarter, rising auction clearance rates have shown that demand for housing in the harbourside city remains high.

For four consecutive weeks the percentage of successful Sydney auctions has continued to climb, with figures from last weekend reaching a high point of 73.1% and accounting for $269.2 million worth in sales, Domain reported.

According to CoreLogic’s Quarterly Auction Market Review, Mosman held the most number of auctions in Sydney in the June quarter, while Double Bay was the top performer when it came to auction clearance rates at a perfect score of 100%.

“Auction popularity shows no signs of waning,” said CoreLogic research analyst, Cameron Kusher.

Anticipating these results, Mozo’s Property Expert Steve Jovcevski advised first home buyers months ago to snap up Sydney property as soon as the July 1 stamp duty concessions and exemptions kicked in while investors were spooked in the wake of APRA’s clamp down on investor lending.

“As you can see the tide has turned now, with demand ramping up in the Sydney property market largely due to two types of buyers - first homeowners and property investors with a restored sense of confidence,” he explained.

“Something else to remember, is that at this time of year property investors are doing their tax returns which means they can benefit financially from the perks of negative gearing too.”

For those looking to take their first step on the property ladder, Jovcevski reminds house hunters that the spring selling season will soon hit the calendar.

“I urge first home buyers to take heart that house prices in Sydney aren’t skyrocketing like they were in 2016. Winter is always a time of limited listings and with spring just around the corner there will be more properties to choose from,” he said.

In more good news for borrowers, mortgage rates for those paying off both the principal and interest are at competitively low levels, with many providers offering loans well below the 4% mark. Whether you’re in the market for a fixed or variable rate home loan, shop around for the best mortgage for you at Mozo’s comparison hub.

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Last updated 30 October 2024 Important disclosures and comparison rate warning*

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  • Fixed Home Loan

    • Owner Occupier
    • Principal and Interest
    Interest rate
    5.54 % p.a.
    Fixed 2 years
    Comparison rate
    5.93 % p.a.
    Initial monthly repayment
    $4,106
    Go to site

    Competitive fixed rate on up to a 30 year loan term. No application fees to pay. Additional repayments up to $20,000 per year without penalty. Free online redraw. Optional 100% offset feature ($10/month) 10% minimum deposit. Fees & charges apply, Australian Credit Licence 237879 is held by Bendigo and Adelaide Bank Limited, the credit provider.

  • Fixed Express Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.54 % p.a.
    Fixed 2 years
    Comparison rate
    6.11 % p.a.
    Initial monthly repayment
    $4,106
    Go to site

    Lock in a low 2 year fixed rate with the Mozo award winning Home Lender of the Year. Available for live-in borrowers with just a 10% deposit required. Free extra repayments (up to 20% in fixed period), free redraw and partial offset available. $10 monthly service fee. Aussie support centre. Fast approvals. Up to 6 free offset accounts (T&Cs apply).

  • Fixed Home Loan

    • Owner Occupier
    • Principal and Interest
    Interest rate
    5.54 % p.a.
    Fixed 2 years
    Comparison rate
    5.93 % p.a.
    Initial monthly repayment
    $4,106
    Go to site

    Competitive fixed rate on up to a 30 year loan term. No application fees to pay. Additional repayments up to $20,000 per year without penalty. Free online redraw. Optional 100% offset feature ($10/month) 10% minimum deposit. Fees & charges apply, Australian Credit Licence 237879 is held by Bendigo and Adelaide Bank Limited, the credit provider.

  • Fixed Express Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.54 % p.a.
    Fixed 2 years
    Comparison rate
    6.11 % p.a.
    Initial monthly repayment
    $4,106
    Go to site

    Lock in a low 2 year fixed rate with the Mozo award winning Home Lender of the Year. Available for live-in borrowers with just a 10% deposit required. Free extra repayments (up to 20% in fixed period), free redraw and partial offset available. $10 monthly service fee. Aussie support centre. Fast approvals. Up to 6 free offset accounts (T&Cs apply).

  • Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <90%
    Interest rate
    5.89 % p.a.
    Fixed 5 years
    Comparison rate
    6.62 % p.a.
    Initial monthly repayment
    $4,266

  • Variable Home Loan

    • Owner Occupier
    • Principal and Interest
    Interest rate
    5.98 % p.a.
    Variable
    Comparison rate
    6.02 % p.a.
    Initial monthly repayment
    $4,308
    Go to site

    Competitive variable rate on up to a 30 year loan term. No application fees to pay. Unlimited additional repayments. Free online redraw. Optional 100% offset feature ($10/month) 10% minimum deposit. Fees & charges apply, Australian Credit Licence 237879 is held by Bendigo and Adelaide Bank Limited, the credit provider.

  • Express Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <90%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.22 % p.a.
    Initial monthly repayment
    $4,359
    Go to site

    Get online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

  • Discounted Home Value Loan

    • Owner Occupier
    • Principal & Interest
    • LVR 80-90%
    Interest rate
    6.39 % p.a.
    Variable
    Comparison rate
    6.39 % p.a.
    Initial monthly repayment
    $4,499

    Enjoy competitive rates for owner occupiers. Enjoy unlimited free extra repayments. Flexibility to redraw additional payments for free. No ongoing monthly service fee. Settlement fee waived on new borrowings from $50,000 (T&Cs apply).

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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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