Mid-winter market defies convention.

BresicWhitney sold over 100 properties in July – representing an almost 40% uplift year-on-year and equating to more than $220 million of quality Sydney real estate. The total number of individual properties signed over July with BresicWhitney, surpassed 150 – an almost 50% year-on-year increase.  

BresicWhitney’s annual average sale price also increased, reflecting not only improved market sentiment and a larger volume of property sold, but the group’s continued activity within premium lifestyle suburbs.
 
Data house Cotality confirmed that improved conditions were Sydney-wide: with the city’s median house price surpassing $1.5 million in July. This is an increase of 0.8% on the month prior and marks the highest figure on record. Sydney’s median price is now more than $500,000 above any other Australian capital.  
 
BresicWhitney CEO Thomas McGlynn said the continued increase in property values pointed to deeper structural influences, including limited supply, persistent buyer demand, and a preference for quality and lifestyle. It’s this combination that will continue to deliver robust conditions. 
 
“We’re seeing a move towards confident decision-making and it’s building in frequency as the year progresses. By and large, the market recognises the quiet confidence that underpins the Sydney property market, often irrespective of seasons or wider macroeconomic forces. The fact that we’re seeing strong conditions now, reflects the impact that lower interest rates and increased borrowing power are having.”

Auctions hold, while preference for discreet sales rises: 
 
Preliminary auction clearance rates across Sydney have now remained consistent, hovering above 70% for the year, with July sitting at 73.8% across the city. BresicWhitney’s own auction clearance rate averaged 77% for July, with a peak of almost 90% mid-month.  

One of the more notable shifts within the market has been the rise of a more targeted, discreet approach, through what BresicWhitney calls an ‘off-market’ approach. The group reported that over 60 sales across June and July occurred exclusively through bw.com.au - without third-party platforms.

“When the market swings in either direction, there’s often more of a preference for certainty – that could be in how a property is bought or sold, to whom it’s shown or the desired timeframe in which it transacts. The activity we’ve seen over Winter reflects this and, in many cases, sellers are choosing to engage with qualified buyers as their first step. This level of alignment can create real efficiency and in the right context, lead to great outcomes for both parties.”

These sales often reflect repeat interest from buyers who’ve inspected multiple properties, or engaged directly with agents over time: a trend that underscores the strength of BresicWhitney’s connected network, and the role that a trusted agent can play in the process. 

Mr. McGlynn added that the shift was also being driven by a more sophisticated and intentional strategy among buyers. “There’s a new level of digital engagement among the market - that changes how we position homes and the channels we prioritise.”  
 
With a high probability of another interest rate cut in August, Mr McGlynn expects momentum to strengthen further heading into Spring, in both auction and off-market settings. 

The supply side: 

The backdrop to Winter demand remains one of undersupply. Estimates from AMP place Australia’s housing shortfall between 200,000 and 300,000 dwellings more broadly - a figure that continues to grow as construction and approval timelines lengthen. In NSW, dwelling approvals remain well below the pace needed to meet the targets, set under the National Housing Accord. 

The pressure is especially pronounced in lifestyle suburbs, where infill opportunities are limited and new development is constrained by zoning, heritage overlays and infrastructure gaps. That imbalance continues to influence values and buyer competition, even as affordability challenges persist.  

“While people are realistic about the gradual downtrend in interest rates, they’re also aware that supply hasn’t improved in a long-term, meaningful way,” Mr McGlynn said. “Irrespective of the clear trends in market, such as price acceleration, it’s a reminder of the nuanced factors that influence real estate decisions.” 

Rental growth slows, but pressure remains: 

While vacancy rates remain close to historic lows in the Sydney rental market, just 1.7% nationally in July and 1.6% in June, rental growth has slowed after several years of steep increases. The pace of change has eased, according to Cotality, but pressure on Sydney tenants remains. Median weekly rent now sits at $796, while rental supply remains 23% below the five-year average.  BresicWhitney leased over 120 homes in July, slightly higher than the month prior.

Over the last financial year, national rents rose moderately, with growth trending downwards from double digits. That moderation reflects a market adjusting to affordability constraints, not lesser demand. At a national level, unit rents have picked up again in recent months, suggesting some renewed competition in higher-density segments. 

“Rental demand is still there but affordability continues to shape the wider market,” said BresicWhitney Head of Property Management, Chantelle Collin said. “Tenants continue to feel this pressure and many owners have and continue to respond to this appropriately. Challenges will remain a hallmark of the Sydney rental market for the coming months.”  

“Despite this, we must not forget that a healthy rental system, with sufficient long-term supply, is reliant on conditions that benefit both tenants and investors.” 
 

Early signs of Spring: 

With inflation easing and more rate cuts in sight, confidence is expected to grow over August.

“Those participating in the market are watching it very closely and preparing for what’s next. Those who were hoping to move or invest in 2025 but haven’t done so yet, will likely do so over the next eight to 12 weeks,” concluded Mr. McGlynn.