More choice for Sydney home buyers as listings rise

Sydney home buyers continue to benefit from more choice than they had a year ago, despite the usual winter slowdown in new listings.

According to SQM Research, the city’s total residential listings were 17.4% higher in June than a year earlier, even after a typical seasonal decline of 5.6% over the month. New listings also eased following a particularly strong May, reflecting the normal slowdown at the start of winter rather than a change in underlying market conditions.

Higher listing volumes can create a more balanced Sydney property market by reducing competition for individual properties and giving buyers more time to compare homes, negotiate and make considered decisions.

The data also shows that Sydney's asking prices eased 2.8% during June, although they remained 1.7% higher than a year earlier. The combination of increased supply and softer monthly asking prices may provide more opportunities for first home buyers to negotiate, while annual asking prices remaining higher than a year ago suggests the property market remains relatively resilient.

About the author – Alex Veljancevski is a Sydney Mortgage Broker with Eventus Financial, which assists first home buyers, investors, upgraders and borrowers seeking to refinance to a better deal on their home loan.