Quarterly Update - Setting the Stage for a Period of Growth

Our property market has spent the first quarter of 2024 setting the stage for an exciting period of growth ahead. Prices have marched upwards since the year began, underscored by a foundation of demand that is significantly shifting trends, and sentiment. 

New data has landed to back it all up, showing Sydney’s remarkable 10.6% increase in house prices over the past 12 months. The median price of a Sydney home is now $1.12 million, and some suburbs such as our very own Croydon and Burwood recorded price jumps of 22% and 10% respectively, as we witness impenetrable market resilience no matter what the variables are doing.

Already, early signs of value growth are being driven by buyer eagerness to secure properties ahead of likely interest rate cuts later in the year, with the forecast for Sydney prices expected to see surges of up to 9% for houses, and up to 5% for units, as two out of five Aussies remain resolute in their determination to purchase a home within the next five years.

A CLOSER LOOK AT THE INNER WEST

Our local area continues to be one of the tightest held markets in the country, appealing to a wide demographic from young professionals to families whose purchasing movements provide insight into exactly what buyers are looking for.

Family homes and entry-level units in older style blocks have drawn significant interest from both local and out-of-area buyers in the recent quarter, showcasing demand as diverse as the variety of homes available. Homes requiring renovation but located in prime Inner West locations have also attracted buyers with the foresight to acknowledge the potential in value appreciation.  

We led the Inner West this quarter with 37% market share in sales value and 45% share of new listings over January. Connecting with such a large portion of buyers, we’ve noted trends such as a strong appetite in the $2 million to $2.5 million range, reflecting the desire by many to settle into the area for the longer term. This is reinforced by the continued activity in both the downsizing and upsizing markets, but with 3-4 bedrooms and 2-3 bathrooms representing over 45% of our sales, it’s evident that space is a luxury all are seeking.  

Notable sales in the area you need to know about this quarter include:

• A spacious townhouse-style terrace in Chiswick which fetched a competitive price of $1.365 million
• A premium Breakfast Point penthouse with breathtaking views that set a suburb record at $4.45 million; and
•  A newly built, quality home in Concord with five bedrooms, five bathrooms, and unmatched waterfront positioning, selling for $5.9 million, as the enduring appeal of trophy homes never weakens.

MANAGING YOUR INVESTMENT WITH CARE

As our portfolio expands, so is our Property Management team. We welcomed two new experts ready to guide you through your investment experience: Lachlan Macpherson and Vicki Nikos, a powerhouse who unite a unique set of management skills and tailored knowledge on the Inner West market, meaning we’ve got more capability than ever to service our community, and you.

Showcasing what’s achievable, this quarter’s performance highlights the ongoing strength of our local rental market, with these recently leased homes yielding excellent returns:

• A 2 bedroom, 2 bathroom Breakfast Point apartment with water views leased for $900 per week
• A 2 bedroom, 2 bathroom 1 carspace apartment in Mortlake leased for $800 per week
• A 2 bedroom apartment in the heart of Concord leased for $850 per week.
   

The broader market data tells a similar story when it comes to rentals. To start 2024, Sydney’s median rent has risen to $750 a week, up 13.5% year on year. Demand is at an all-time high and the limited supply available is being snapped up immediately by prospective tenants, strengthened by the lifestyle appeal of the Inner West.

Our Property Management experts know exactly what the rental market is doing, and are able to communicate how it affects you. Trained to deliver results and balance the needs of landlords and tenants, property management is hassle-free when it’s with our agency.

NEWS, ACHIEVEMENTS AND MOVEMENTS

IN THE MEDIA

Dib Chidiac was named the number 1 performing agent under 35 in an article published on Sydney’s top property young guns. He told the Daily Telegraph newspaper, “When I started people would say ‘I like you. I like your energy. But you’re too young. And once you turn more no’s into yes, you then have to deliver.” 

EXPANDING OUR EXCELLENCE AND EXPERTISE

DibChidiac® is on a growth trajectory this year, expanding its operations and welcoming new team members into its fold. With a commitment to delivering excellence and expertise, we’ve grown our work family so we can better serve our clients, and meet the growing demand for our property services.

The addition of new team members brings fresh perspectives, skills, and energy to the agency, and this quarter we welcomed:

• Alicia Nickolas (Sales Agent) - bringing a wealth of planning and development knowledge to the sales team
• Sara Favorito (Brand and Marketing Manager) - diving into a cutting edge brand strategy for DibChidiac®
• Jai Iscala (Graphic Designer) - the first designer on board with us, weaving true creative flair into our branding
• Lachlan Macpherson (Property Manager) - making waves with incredible interpersonal skills that enable him to flow between property manage and sales with ease
• Vicki Nikos (Head of Property Management) - implementing a plethora of new systems and fresh insights that will transform the way we do things