By Nicholas Murray, Sales Manager — Murray Property | 29 May 2026
Every fortnight I share what’s actually happening in the Darlinghurst and Surry Hills property market, not a repackaged data report, but an honest reading of the conditions and what they mean if you’re thinking of making a move.
The broader market this fortnight
Sydney’s auction clearance rate for the week ending 23 May came in at 55%, up marginally from 49% the week of 16 May but still well below the 68% recorded for the same week last year. The trend over the past four months tells a clear story: Sydney started 2026 at 78% in January, moved through the mid-60s in February, and has been tracking in the high-40s to mid-50s range since late March.
Source: Homesearch Solutions. Sydney Auction Clearance Rate Data | Domain, Sydney Auction Results week ending 23 May 2026
That context matters. But it is not the whole story for the 2010 postcode.
The cause is not subtle. Three consecutive monthly RBA rate rises since February have weighed on buyer confidence across the broader market. Sydney auctioneer Damien Cooley described conditions accurately this week: “The market has changed and it’s not as good as it was.” Domain data suggests buyer demand is easing faster than it did at the onset of the 2022 correction, which ultimately produced house price falls of 8% across Sydney.
Source: Domain. Auction clearance rates expected to fall below 2022 downturn levels
That context matters. But it is not the whole story for the 2010 postcode.
What it means for Darlinghurst and Surry Hills specifically
The 2010 postcode has consistently outperformed the Sydney-wide clearance rate through every soft patch of the past decade, and the structural reasons for that outperformance have not changed.
Surry Hills currently has a stock-on-market rate of 0.24%, with houses spending a median of just 26–29 days on market according to the most current HtAG Analytics data. For context, the Sydney-wide median days on market is significantly higher. A suburb where buyers are competing for properties that spend less than a month available is not the same market as the one Damien Cooley is describing for the broader Sydney auction pool.
Source: HtAG Analytics. Surry Hills NSW 2010 Property Market Data 2026 | Murray Property — Surry Hills Property Market Update 2026
Darlinghurst tells a similar story, approximately 10 houses list per month against 56–67 sold annually, a supply-to-demand ratio that structurally favours vendors regardless of what the broader clearance rate is doing.
The vendors feeling the Sydney-wide pressure are those who have overpriced, under-prepared, or gone to market with a generic campaign in a suburb that rewards specificity. The vendors getting strong results in the 2010 postcode are doing the same things they always have, presenting well, pricing honestly, and running campaigns targeted at the specific buyer pool for their street and property type.
What I’m seeing on the ground
Buyers are doing more homework. Enquiry volumes at open homes are solid but buyers are arriving better-informed than at any point in the past three years. They’ve read the comparable sales, they know the strata levies, and they’re asking harder questions earlier in the process. This is a reason to make sure your agent’s preparation matches theirs, not a reason to be cautious about selling.
Pre-auction activity has picked up. Several properties across the 2010 postcode sold prior to auction in the past fortnight, a signal that motivated buyers are acting before auction day rather than risking competition. For vendors, a strong pre-auction offer is worth taking seriously. For buyers, waiting for auction day on a property you want carries real risk in a low-stock market.
The unit market requires more patience. Apartments, particularly in larger buildings, are taking longer to find their buyer than terraces. Days on market for Surry Hills units is currently 35–45 days. Pricing realistically from the outset, rather than testing the market with an optimistic guide, is the difference between a clean campaign and a drawn-out one in this segment right now.
One number worth paying attention to
One data point stood out to me this fortnight. Surry Hills houses are currently spending a median of just 26 days on market according to HtAG Analytics, the fastest figure recorded since mid-2022. For comparison, the same metric for broader inner Sydney is considerably higher, and the national median is higher still.
Twenty-six days is not a number that suggests a soft market for Surry Hills terrace vendors. It suggests a market where qualified buyers are making decisions quickly when the right property comes to market. The broader Sydney softness is real, but it is not uniformly distributed, and the 2010 postcode is, by the data, one of the least affected pockets of inner Sydney right now.
Source: HtAG Analytics — Surry Hills NSW 2010 Market Data, May 2026 | Murray Property — What Is My Surry Hills Property Worth in 2026?
What’s coming up
We are now six weeks from the end of the financial year. For vendors with investment properties where CGT timing is a consideration, the window to exchange contracts before 30 June is narrowing. A four-week auction campaign launched now settles in mid to late July, which means exchange happens in late June if you move quickly. If your lease is expiring and the CGT calculation is relevant to your decision, this is the week to have the conversation.
For a full breakdown of CGT considerations for Surry Hills investment property vendors, read our
Sell Your Surry Hills Investment Property guide
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