International Buyers and Cash Deals Are Boosting Sydney’s Real Estate Market

While home values have dropped overall in the Australian city, the top end of the market continues to see high demand and big sales

In Sydney, there are two narratives at play in the real estate market. While soaring interest rates are immobilizing many buyers across the general market, cash buyers in the top price points are staying active amid a lack of luxury inventory.

Throughout 2022, Sydney saw the most significant annual price falls among all of Australia’s capital cities, with home values dropping 12.1%, according to CoreLogic data. However, the prestigious end of town had a different experience. Prices across the city’s prime market—defined as the top 5% in terms of home values—actually increased in 2022, although modestly, by 1.1% according to Knight Frank’s 2023 Wealth Report.

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