It shouldn’t be a surprise to any Sydneysider that the property market continues to run hot. According to the Australian Bureau of Statistics Sydney recorded an impressive 2.7% growth in house prices for the September quarter. What is surprising is that this growth is almost three times that of Australia’s other cities with Melbourne, Brisbane and Adelaide recording just 1% growth over the same period. This takes the twelve month growth for Sydney to an impressive 14.6%. In comparison Melbourne and Brisbane (the next best performing cities) rose by 6.9% and 6.7% respectively.
The price growth across Sydney has been experienced at all price points with the best performing price bracket being units between $550,000 and $650,000. Compared to previous quarters we have seen a larger number of higher value properties trading. Up until now the market for $2.0m+ properties has been subdued. Home-owners across the board are now more active in looking to upgrade with a greater sense of security in the market and as a result of buoyant selling conditions there are a greater number of homes on the market.
As the year comes to a close and vendors rush to beat the Christmas cut-off there has been a deluge of properties listed for sale and for the first time since July this year the auction clearance rate has been as low as 75%.

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