A disrupted month, an active market.

Month in Review
Two public holidays, school holidays and an unsettled global backdrop resulted in April being one of the most disrupted months in recent memory for the Sydney property market. This was reflected in the data: open home attendance fell 16% in April from March, and reduced by 39% during the Anzac Day long weekend. The average percentage that homes sold above their auction reserve was 1.6%, down from 6-7% in February and March. Half of all scheduled auctions sold before auction day.

According to Cotality, Sydney home values eased 0.6% in April, with the median dwelling value sitting at $1.29m - still 4.2% above where it was a year ago. The city's auction clearance rate averaged 50% across the month, the weakest result since 2020.

Performance across the lifestyle markets was more buoyant by comparison. BresicWhitney's auction clearance rate was 68%. 92 homes transacted across the month, equating to almost $200 million in transactions, with 3,553 open home attendees - an average of 16 per listing and 888 per week.

BresicWhitney recorded 134 new listings across the month, with 15 transacting off-market - 16.7% of all sales. Listings remain healthy - conversion is the challenge. "The market hasn't stopped but it is more selective," said BresicWhitney CEO Will Gosse. “May's interest rate rise adds to existing pressures, but clarity on the path ahead brings its own incentive to act."

Field Notes
Buyers who found the right property in April did not hesitate. Below $1.5 million, competition remained genuine, particularly in apartments - 51 BresicWhitney apartment sales settled at an average price of $1,364,441, against 39 house sales at an average of $3,196,090. First home buyer initiatives have supported a cohort of buyers who see the current conditions as a practical entry point. Above $2 million, presentation and pricing strategy separated results. In several cases, settlement terms determined the outcome. Average days on market across the month was 36 days, with an average of 4 registered bidders per auction.

Off-market

• Out of the 92 homes sold across BresicWhitney, 15 sold off-market - highlighting the continued appetite for discreet, efficient transactions in the current market.
• 213/22 Colgate Avenue, Balmain sold for $985,000. Inspected Wednesday, purchased Friday.
• 25 Goodsir Street, Rozelle sold for $2,140,000 off-market. The same buyers inspected four times over five days before exchanging.

Prior to auction

• 311 Nelson Street, Annandale, an architecturally designed home, sold prior to auction for $4,100,000.
• 4/168 George Street, Erskineville, a top floor warehouse apartment, sold prior to auction and set a new building record.

Speed of decision

• 179 Catherine Street, Leichhardt sold for $1,775,000. The buyer inspected at 3pm and exchanged at 7pm the same day.
• 82 Juliett Street, Marrickville, a Federation home, sold for $3,310,000 to buyers who had arrived in Australia two days earlier. Inspected Saturday, exchanged Sunday.
• 206/16 Karrabee Avenue, Huntleys Point, a two-bedroom apartment, sold for $1,360,000 after a single private inspection. The buyer made an offer before leaving.

Depth of demand

• 31/8 Phillip Street, Redfern drew more than 100 buyers through in the first week and sold in seven days for $1,265,000.
• 61 Northwood Street, Camperdown, a cottage, sold at auction for $1,620,000. The underbidder participated sight unseen from interstate.

Rental market
Sydney's rental market remains deeply undersupplied, with vacancy sitting at approximately 0.8%, well below the 2.5–3% range considered balanced. Seasonal supply absorbed earlier in the year has not been replaced, continuing to place pressure on tenants navigating an already competitive market. While rent growth has moderated, it remains positive. Break-lease activity also increased through April, reflecting the ongoing impact of cost-of-living pressures as more renters reassess their living arrangements and financial commitments mid-tenancy. Demand for apartments continues to outpace houses across many Sydney lifestyle markets. 

BresicWhitney leased 134 homes in April, compared to 157 in April 2025. 

"Even in a tight market, quality still matters," said Chantelle Collin. "Well-presented, well-priced homes continue to perform strongly, with tenants being increasingly considered in their decision-making as affordability and value become more important than ever." 

"For investors weighing up potential CGT changes, selling may become a more attractive option. The challenge is that in a market already operating well below balanced supply levels, fewer investment properties ultimately means fewer homes available for tenants. It’s an area we’ll be watching closely as we head into winter, particularly given the broader pressures many renters are already facing.”

May Outlook
May is the first uninterrupted month since March, with no public holidays, schools back and buyers returning to the city - conditions that should restore a more normal rhythm of inspections, auctions and transactions.

May’s rate decision adds to existing affordability and serviceability pressures. But it also brings clarity.

"Three rises this year represent a material shift in what buyers and sellers are navigating. Even so, clarity on the path ahead brings its own incentive to act - decisions that may have been paused are more likely to progress,” said Gosse. "May is the month to watch. We expect it to highlight whether the gap between buyer and seller expectations starts to close."

The Autumn Approach.

February's steady transaction activity provides a strong foundation for what is traditionally one of Sydney's busiest selling periods: the autumn market running through March, April, and May.

The dynamics shaping buyer behaviour right now - strategic location choices, confidence in quality assets, decisive action when genuine opportunity presents - are the very conditions that carry through into autumn. Sellers who are well-prepared and realistic about pricing will find a market that is engaged and ready to move. It's not about waiting for the perfect moment; it's about recognising the opportunity that already exists.

"The properties coming to market over the next eight to twelve weeks will set the tone for the first half of 2026," said Mr Gosse. "Sellers who are prepared, strategic and realistic about pricing will find buyers who are equally ready to act. The market rewards quality and conviction in equal measure."

Cotality's February analysis shows Sydney's monthly house price growth has slowed to 0.1-0.2%, diverging from mid-sized capitals recording gains above 1.0%. Cotality forecasts slower, more uneven growth through 2026 as affordability constraints bite harder, with annual growth expected in the 6-8% range. This aligns with major bank forecasts of 4-7%, with Westpac predicting 5.4% growth to $1.68 million and Domain forecasting 7% growth to $1.92 million.

The patterns established through January and February - strategic location choices, method diversity, off-market preference, and continued premium resilience - are expected to carry through the autumn period. What remains clear is that Sydney's property market continues to move on fundamentals: quality, location, and opportunity, rather than economic predictions or traditional seasonal patterns.