Fastest rebound in decades

The Sydney property market is on the move. Sydney’s has recorded its quickest turnaround in decades, with house prices rebounding almost $50,000 last quarter according to Domain’s House Price Report for the September quarter.

Houses prices regained almost one-third of the value lost during the two-year downturn, with the city’s median up 4.8 per cent to $1,079,491 according to Domain.

Sydney’s house price downturns and recovery

The rapid recovery — four times greater than the next strongest quarterly rebound of 1.2 per cent following the 1994 market low — has surprised most property commentators.

The recovery can be attributed to:

  • Lower interest rates;
  • The relaxation of bank lending standards;
  • A post-election boost in buyer confidence;
  • Increased affordability;

Over the same period, unit prices recovered about one fifth of their value, increasing 2.6 per cent – $17,314 – to a $694,840 median over the three months.

The city’s south and inner west suburbs also recorded strong results, with respective jumps of 7.1 and 6.9 per cent adding $75,000 and $100,000 to their medians.

ANZ head of Australian Economics David Plank said he expected Sydney’s recovery to continue into next year. ANZ bank has forecast that the Sydney and Melbourne house prices will be growing at more than 12 per cent per annum by the middle of next year.

*source Property Update

Posted in Buy, Latest news, News, Sell on 28th October, 2019