Sydney market resilient amid higher rates
Home prices in Australia’s most valuable market surged to a new record peak this year despite higher interest rates and cost-ofliving pressures
Home prices in Australia’s most valuable market surged to a new record peak this year despite higher interest rates and cost-ofliving pressures.
As discussed in the McGrath Report 2025, this was due to a restricted supply of homes for sale amid many demand drivers, including wealthy Baby Boomers rightsizing their homes while also serving as the Bank of Mum and Dad to first home buyers, and a buoyant trophy home market.
Overall, Sydney dwelling prices rose by 6.3% to a median $1,170,152 in FY24, in a capital growth rate effort that easily outperformed Melbourne, Hobart and Canberra but was well below Brisbane. This included a 6.8% increase in the median house price to $1,466,475 and a 5% lift in the median apartment price to $855,468, according to CoreLogic data.
Despite higher interest rates, price growth has given buyers and sellers confidence to transact. However, many buyers must compromise due to restricted lending capacity, leading to stronger demand and price growth for houses in cheaper suburbs, as well as apartments across the city as more people compromise on the type of home they buy to suit their budget.
Meantime, annual new residential building approvals are at decade-lows due to higher interest rates, a labour shortage, high construction materials costs and difficulty obtaining council permission. This is exacerbating tight supply and contributing to the unusual situation of rising home values amid higher interest rates.
There is strong demand in Sydney from three key buyer groups – Baby Boomers and other cash buyers, first home buyers and investors.
PEXA data shows more than one in four sales in NSW in 2023 were cash sales, representing a large group of buyers typically towards the top end of the market who are unaffected by higher interest rates.
Other cash buyers include Australia’s largest contingent of Baby Boomers, many of whom are rightsizing while also helping their children buy their first homes.
At the other end of the market, one in four NSW buyers are purchasing their first homes and four in ten are buying investments, according to CoreLogic.
Both cohorts typically target apartments, and strong competition between them amid very low supply of new apartments led to a narrowing of the gap between Sydney’s median house and apartment price growth in FY24.
Across the regions, the NSW median house price lifted 4% to $763,364 and the median apartment price rose 4.7% to $590,376 in FY24. Some of the strongest markets for price growth included the Central Coast, Wollongong and Newcastle-Maitland.
Unlocking new housing supply, building new essential services amenities such as hospitals and schools, and progressively rolling out Australia’s biggest public transport project, the Sydney Metro, are key components of the NSW Government’s State Infrastructure Plan.
The NSW Government is attempting to deliver more supply to subdue the growth in home prices and rents. Its headline housing reform is the new Transport Oriented Development (TOD) program, which seeks to allow almost 200,000 new homes to be built close to 49 train and Metro stations.
Sydney and NSW are Australia’s most expensive city and regional markets, and therefore the most sensitive to changes in interest rates. An anticipated rate cut in 2025 may spark a new surge in demand, leading to further price rises.
John McGrath CEO & FOUNDER
11-13 Peter Crescent, Batehaven Land FOR SALE
Price Guide $499,000 $960,000
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115 Merrigang Street, Bowral
3 beds 2 baths 3 cars FOR SALE
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48/9 Kangaloon Road, Bowral
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408 Beach Road, Batehaven Land
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5 St Clair Street, Bowral
5 beds 3 baths 6 cars FOR SALE
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Melissa Johnson 0411 175 129
7/1 Cliff Street, Bowral
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64 Golf Links Drive, Batemans Bay 2 beds 1 bath FOR SALE
Price Guide $739,000
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18/26 Loftus Street, Bowral 2 beds 1 bath 1 car FOR SALE
Price Guide $550,000 - $575,000
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35A Park Road, Bowral
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Price Guide $1,795,000
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153 Bowral Street, Bowral 4 beds 2 baths 2 cars
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Anne Stone 0414 457 868
15 Carisbrooke Row, Bowral
beds 4 baths 8 cars FOR SALE
Price Guide $3,800,000
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1 Ardross Avenue, Bundanoon 4 beds 2 baths 2 cars FOR SALE
Price Guide $1,425,000
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Melissa Johnson 0411 175 129
19 Myrtle Street, Bowral 4 beds 3 baths 1 car
Price Guide $1,500,000
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Melissa Johnson 0411 175 129
4/10 Park Road, Bowral
3 beds 1 bath 1 car
SALE
Price Guide $850,000 - $870,000
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Anne Stone 0414 457 868
29 Osborne Road, Burradoo
4 beds 2 baths 1 car FOR SALE
Price Guide $2,370,000 - $2,600,000
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Dianna Reiche 0497 112 455
3/49 Ascot Road, Bowral 2 beds 1 bath 2 cars FOR SALE
Price Guide $725,000
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Melissa Johnson 0411 175 129
5 Sir James Fairfax Circuit, Bowral 3 beds 1 bath 2 cars FOR SALE
Price Guide $2,400,000 - $2,600,000
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Melissa Johnson 0411 175 129
27 Osborne Road, Burradoo
4 beds 3 baths 2 cars FOR SALE
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64A Sunninghill Avenue, Burradoo 4 beds 3 baths 7 cars FOR SALE
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52 Macquarie Drive, Burrill Lake 4 beds 2 baths 2 cars FOR SALE
Price Guide $1,350,000
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Kirsty Schultz 0429 433 526
51 Albatross Road, Catalina Land FOR SALE
Price Guide $240,000
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Agent Greig McFarlane 0412 725 505
4 Wallaroy Drive, Burrill Lake Land FOR SALE
Price Guide $680,000
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102 Canberra Crescent, Burrill Lake Land FOR SALE
Price Guide $450,000 - $495,000
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Kirsty Schultz 0429 433 526
28 Oakwood Way, Catalina Land FOR SALE
Price Guide $339,000
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1/20 Wuru Drive, Burrill Lake 2 beds 1 bath 2 cars FOR SALE
Price Guide $650,000
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Kirsty Schultz 0429 433 526
33B Pedder Drive, Burrill Lake 4 beds 2 baths 1 car FOR SALE
Price Guide $699,000
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Andrea Tucker 0402 487 887
3 Emerald Court, Colo Vale 4 beds 2 baths 4 cars FOR SALE
Price Guide $1,395,000
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Anne Stone 0414 457 868
2 Stewart Street, Conjola Park
4 beds 3 baths 2 cars
FOR SALE
Price Guide $1,675,000
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Kirsty Schultz 0429 433 526
63 Seaside Parade, Dolphin Point
3 beds 2 baths 1 car
FOR SALE
Price Guide
$1,650,000
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Kirsty Schultz 0429 433 526
48 Manning Lookout Road, Fitzroy Falls
5 beds 3 baths 2 cars
FOR SALE
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Melissa Johnson 0411 175 129
4 Hayward Street, Conjola Park
3 beds 2 baths 2 cars
FOR SALE
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Tracy Creasy 0438 773 667
66 Dolphin Point Road, Dolphin Point 3 beds 2 baths 2 cars FOR SALE
Price Guide $1,400,000
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Tracy Creasy 0438 773 667
898 Nowra Road, Fitzroy Falls
3 beds 4 baths 5 cars
FOR SALE
Price Guide $2,650,000 - $2,850,000
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Agent Hayley Sneddon 0432 960 960
412A Croobyar Road, Croobyar
3 beds 1 bath 8 cars
FOR SALE
Price Guide $1,750,000
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Kirsty Schultz 0429 433 526
‘Whare Tau’ Exeter Road, Exeter 6 beds 3 baths 4 cars
FOR SALE
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Melissa Johnson 0411 175 129
16 Harold Street, Kings Point
3 beds 2 baths 1 car
FOR SALE
Price Guide $820,000
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Brendan Shipp 0421 714 362
45 Blairs Road, Long Beach Land FOR SALE
Price Guide $399,000
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Kait Moore
52 The Ridge Road, Malua Bay 4 beds 3 baths 2 cars FOR SALE
Price Guide $1,165,000
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Lot 610 Melville Place, Milton Land FOR SALE
Price Guide $550,000
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Kirsty Schultz 0429 433 526
13a & 13b Rodgers Street, Long Beach 4 beds 3 baths 2 cars FOR SALE
Price Guide $950,000 - $1,050,000
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85 Curvers Drive, Manyana 4 beds 2 baths 3 cars FOR SALE
Price Guide $895,000
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Andrea Tucker 0402 487 887
15 Payten Avenue, Milton
5 beds 3 baths 2 cars FOR SALE
Price Guide $1,350,000 - $1,450,000
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Tracy Creasy 0438 773 667
94 Yugura Street, Malua Bay 1 bed 1 bath 1 car FOR SALE
Price Guide $2,350,000
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Agent Luke Allan 0412 159 593
25 Sunset Strip,
4 beds 2 baths 1 car FOR SALE
Price Guide $3,500,000 - $3,800,000
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Kirsty Schultz 0429 433 526
29 Porter Circuit, Milton 4 beds 2 baths 2 cars FOR SALE
Price Guide $1,500,000
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Tracy Creasy 0438 773 667
Manyana
9 Leopold Street, Mittagong
beds 2 baths 1 car
SALE
Price Guide $1,299,000
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Jessica Watters 0452 210 212
5 Huntingdale Drive, Mollymook Land FOR SALE
Price Guide $900,000
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72 & 72a Bowral Road, Mittagong 5 beds 4 baths 2 cars
Price Guide $1,175,000
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Agent Anne Stone 0414 457 868
Melissa Johnson 0411 175 129 11 Murchison Street, Mittagong 4 beds 2 baths 5 cars
Kirsty Schultz 0429 433 526 Units 1-8/1 Buchan Street, Mollymook 3 beds 2 baths 2 cars FOR SALE
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Andrea Tucker 0402 487 887
3 - 5 Shepherd Street, Mollymook Land FOR SALE
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1 Buchan Street, Mollymook Land FOR SALE
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Jessica Parker 0455 590 004
SALE
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Melissa Johnson 0411 175 129
28 Davies Street, Mollymook 4 beds 3 baths 1 car FOR SALE
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Kirsty Schultz 0429 433 526
19 Nethercote Street, Mollymook 3 beds 2 baths 3 cars FOR SALE
Price Guide $1,250,000 - $1,375,000
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Tracy Creasy 0438 773 667
17 Shipton Crescent, Mollymook 7 beds 5 baths 2 cars
SALE
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33 Bushland Avenue, Mollymook Beach
3 beds 2 baths 1 car
SALE
Price Guide $940,000
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Andrea Tucker 0402 487 887
35 Forest Way, Mollymook Beach
4 beds 2 baths 2 cars
SALE
Price Guide $995,000
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Agent Kirsty Schultz 0429 433 526
1 Clissold Street, Mollymook
3 beds 2 baths 1 car
Price Guide $1,750,000
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Agent Andrea Tucker 0402 487 887
Tracy Creasy 0438 773 667
35 Clyde Street, Mollymook Beach
4 beds 2 baths 2 cars
SALE
Price Guide $1,795,000 - $1,850,000
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Tracy Creasy 0438 773 667
Andrea Tucker 0402 487 887 Lot 38, Bishop Drive, Mollymook Beach Land
SALE
Price Guide $475,000 $655,000
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Agent Brendan Shipp 0421 714 362
Andrea Tucker 0402 487 887
SALE
Price Guide $560,000
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Agent Anne Stone 0414 457 868
6 Treetops Crescent, Mollymook Beach 3 beds 2 baths 2 cars
SALE
Price Guide $1,350,000 - $1,485,000
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Agent Andrea Tucker 0402 487 887
Kirsty Schultz 0429 433 526
22 Combe Drive, Mollymook Beach 4 beds 2 baths 2 cars
SALE
Price Guide $950,000 - $1,000,000
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Agent Brendan Shipp 0421 714 362
Tracy Creasy 0438 773 667
24A Molloy Street, Mollymook Land
5 Cliff Avenue, Mollymook Beach
2 beds 1 bath 1 car
EXPRESSIONS OF INTEREST
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Agent Andrea Tucker 0402 487 887
8 Evans Street, Moruya 4 beds 1 bath 2 cars FOR SALE
Price Guide $749,000
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Agent Luke Allan 0412 159 593
256 Iona Park Road,
8 beds 6 baths 8 cars FOR SALE
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Agent Anne Stone 0414 457 868
7 Driver Avenue, Mollymook Beach 4 beds 2 baths 1 car FOR SALE
Price Guide $1,200,000
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Agent Tracy Creasy 0438 773 667
Andrea Tucker 0402 487 887
1 Ball Street, Moss Vale 3 beds 1 bath 1 car FOR SALE
Price Guide $800,000 - $850,000
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Agent Melissa Johnson 0411 175 129
Anne Stone 0414 457 868
15 Villiers Road, Moss Vale 4 beds 3 baths 2 cars FOR SALE
Price Guide $1,250,000 - $1,375,000
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Agent Melissa Johnson 0411 175 129
Anne Stone 0414 457 868
408B Woodburn Road, Morton 5 beds 4 baths 4 cars FOR SALE
Price Guide $1,950,000
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Agent Brendan Shipp 0421 714 362
Kirsty Schultz 0429 433 526
3 Dengate Crescent, Moss Vale 4 beds 2 baths 2 cars FOR SALE
Price Guide $900,000 - $950,000
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Agent Melissa Johnson 0411 175 129
Anne Stone 0414 457 868
13 Callemondah Close, Narrawallee 4 beds 2 baths 2 cars FOR SALE
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Agent Brendan Shipp 0421 714 362
Kirsty Schultz 0429 433 526
Moss Vale
7 Amaroo Drive, Narrawallee 4 beds 2 baths 2 cars
SALE
Price Guide $1,000,000
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Agent Kirsty Schultz 0429 433 526
Brendan Shipp 0421 714 362
Lot 43, McCardys Creek Road, Nelligen Land
Price Guide $575,000
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Agent Luke Allan 0412 159 593
34/1-9
2 beds 1 bath 1 car
Price Guide $449,000
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Agent Luke Allan 0412 159 593
59 Leo Drive, Narrawallee 4 beds 3 baths 2 cars
Price Guide $960,000
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Agent Tracy Creasy 0438 773 667
Andrea Tucker 0402 487 887
1121 Kings Highway, Nelligen 4 beds 2 baths 2 cars
Price Guide $1,400,000
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Agent Luke Allan 0412 159 593
650 Pomeroy Road, Pomeroy 6 beds 4 baths 4 cars
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Agent Anne Stone 0414 457 868
114 Seaspray Street,
beds 4 baths 2 cars
Price Guide $1,600,000 - $1,700,000
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Agent Andrea Tucker 0402 487 887
Tracy Creasy 0438 773 667
Price Guide $580,000 - $620,000
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Agent Luke Allan 0412 159 593
5 Amaroo Drive, Rosedale Land
SALE
Price Guide $425,000
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Agent Luke Allan 0412 159 593
Narrawallee
Lot 320, Bay Ridge Dr, North Batemans Bay Land
62 Egans Road, Runnyford Land
FOR SALE
Price Guide $575,000
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Agent Luke Allan 0412 159 593
Kylie Allan
27 Tasman Street, Surf Beach 4 beds 1 bath 1 car
FOR SALE
Price Guide $735,000
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Agent Luke Allan 0412 159 593
25 Oceanview Way,
FOR SALE
Price Guide $880,000
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Agent Luke Allan 0412 159 593
460 Beach Road, Sunshine Bay 5 beds 4 baths 4 cars FOR SALE
Price Guide $1,150,000 - $1,250,000
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Agent Greig McFarlane 0412 725 505
7
FOR SALE
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Agent Anne Stone 0414 457 868
Melissa Johnson 0411 175 129
George Bass Drive,
Land FOR SALE
Price Guide $1,650,000
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Agent Luke Allan 0412 159 593
4/12 Parker Avenue, Surf Beach 2 beds 1 bath 1 car
FOR SALE
Price Guide $495,000
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Agent Luke Allan 0412 159 593
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Agent Brendan Shipp 0421 714 362
Andrea Tucker 0402 487 887
23 Oceanview Way,
FOR SALE
Price Guide $820,000
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Agent Luke Allan 0412 159 593
Lot
’Old Daffodil Farm’ 8 & 10 Conflict St, Sutton Forest
beds 4 baths
Lot 8 Old Coach Road, Termeil
Tomakin Land
2162
Tomakin
Tomakin Land
Lot 102-108, Clifford Parade, Tuross Head Land
SALE
Price Guide $469,000 - $545,000
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Agent Greig McFarlane 0412 725 505
66 South Street, Ulladulla
EXPRESSIONS OF INTEREST
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Agent Brendan Shipp 0421 714 362
Kirsty Schultz 0429 433 526
Price Guide $820,000
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Agent Kirsty Schultz 0429 433 526
Andrea Tucker 0402 487 887
SALE
Price Guide $1,299,000
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Agent Brendan Shipp 0421 714 362
Tracy Creasy 0438 773 667
SALE
Price Guide On Request
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Agent Brendan Shipp 0421 714 362
beds 4 baths 2 cars
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Agent Andrea Tucker 0402 487 887
Andrea Tucker 0402 487 887 266 Green
Price Guide $1,650,000
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Agent Brendan Shipp 0421 714 362
Andrea Tucker 0402 487 887
8A Colden Place, Ulladulla
SALE
Price Guide $750,000
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Andrea Tucker 0402 487 887 1/105 Deering Street, Ulladulla
2 beds 1 bath 1 car FOR SALE
Price Guide $570,000
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Tracy Creasy 0438 773 667
Rennies Beach Close, Ulladulla
2/114 Princes Highway, Ulladulla
Street, Ulladulla
59 Did-Dell Street, Ulladulla
4 beds 4 baths 5 cars
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Tracy Creasy 0438 773 667
209 Bonnie View Drive, Woodstock
5 beds 3 baths 8 cars
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Agent Andrea Tucker 0402 487 887
Tracy Creasy 0438 773 667
15 Martin Avenue, Ulladulla
3 beds 2 baths 1 car FOR SALE
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Agent Kirsty Schultz 0429 433 526
Brendan Shipp 0421 714 362
90 Kyeema Drive, Woodstock
3 beds 2 baths 4 cars FOR SALE
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Andrea Tucker 0402 487 887
Kirsty
Tracy Creasy
Andrea
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