Sydney property listings up 43 per cent as January becomes the perfect time to buy

Record property listings and less competition have made the typically quiet summer break the ideal time for prospective buyers to snap up a home over the New Year period.

It’s the biggest purchase a family can make – and a red hot market hasn’t stopped homeowners splashing out over the Christmas/New Year break.

While traditionally a quiet time for home sales, buyers and sellers are still in the market in droves as Covid continues to turn the real estate market on its head.

Record property listings across Sydney have created a window of opportunity for prospective buyers to snap up a home over the New Year period.

Latest figures show the number of new homes on the market in the four weeks to December 23 was up 43 per cent on the city’s five-year average.

“It is a lot busier than we would normally expect to see at this time of year,” CoreLogic research director Tim Lawless said.

“There has been somewhat of a festive slowdown but the momentum we saw in the market last year has carried through. Some of that is playing catch-up after the market slowed during the last lockdown.”

CoreLogic research director Tim Lawless said Sydney listings were up 43 per cent as of December 23.

BuyersBuyers co-founder Pete Wargent said January could be an ideal time to buy a property.

Buyers agent Pete Wargent said the New Year could be the last chance for buyers to snag a bargain before overseas arrivals drove competition up.

“It’s trickier for sellers to run a full campaign over the summer break, though not impossible to find motivated buyers,” he said.

“Some buyers are sensing a window of opportunity to buy ahead of the international borders reopening in full in 2022. Immigration has been high in Australia for the past 15 years and it will be again relatively soon.”

Recent first-home buyer Andy Bui spent 2½ years saving before purchasing a house and land package with his partner in Sydney’s northwest.

“I was expecting a drop in house prices in 2020 due to Covid but prices went up almost 20 per cent within a year where I ended up buying so I decided to take a punt,” Mr Bui said.

“We didn’t have any assistance from family or friends, so it was a worthwhile feeling to know that I can own an asset of my own.”

First homebuyer Andy Bui at Box Hill where he recently purchased a house and land package. Picture: Sam Ruttyn

Mr Bui said he had been actively looking for six months before buying at The Hills of Carmel estate in Box Hill.

“The process was very frustrating, especially at auctions where I was constantly outbid,” he said.

“I did go over budget with my purchase but I didn't need all the money upfront as the land was going to be registered at a later date, giving me time to secure funds for the build.”

Mortgage broker Marco Cipri has been searching for a new property in Sydney’s southwest and said now was his ideal time to buy.

“For me personally, I feel growth will continue to trend upwards in 2022 albeit not at the same extraordinary pace as 2021,” he said.

Sydney’s property market usually refreshes at the end of January each year, but analysts this year expect it to kick off as early as the 15th.

Mr Wargent said the year ahead should bring solid price growth in both the city and the regions, albeit more modestly in areas that have experienced an unsustainable spike.

“Most new migrants will go to Sydney and Melbourne, in that order, but CBD rental markets will tighten finally as students and tourism return,” he said.

“Unit prices in Sydney may do better this year due to affordability constraints for detached houses.

“Overall, we think there will be price growth, but it should be a much more balanced market than in 2021.”

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Originally published as Sydney property listings up 43 per cent as January becomes the perfect time to buy