Real Estate

Sydney property prices grow for first time in nearly two years

Sydney property prices grow for first time in nearly two years
Written by The ReReport
As seen in the Source link, written by on 2019-07-01 12:28:50

Property prices in Sydney are back on the rise. (AAP Image/Sam Mooy).

Sydney property prices have recorded positive growth for the first time in nearly two years on the back of improved market and economic conditions.

Dwelling prices in Sydney rose by 0.1 per cent over the month of June, according to the CoreLogic Hedonic Home Value Index, the first monthly increase since the market peaked in July 2017.

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Improved market conditions have boosted the Sydney market. Picture: Chris Pavlich

The June results provide an early sign that lower mortgage rates and improved market sentiment following the federal election were enough to stimulate market activity, CoreLogic head of research Tim Lawless said.

“Importantly, the improving conditions through to mid-May were largely ‘organic’, predating the positive boost in sentiment following the federal election and interest rate cuts in early June,” Mr Lawless said.

“Overall, it looks like the tide may have turned for the housing market; however we aren’t expecting a rapid recovery phase.”

This four-bedroom deceased estate in Darlington sold $200,000 above reserve.

Despite the positive news, Sydney prices are down 1.1 per cent for the quarter and 9.9 per cent annually, with the median dwelling price at $777,693.

Interestingly, house prices recorded no change for the month, with units growing by 0.3 per cent.

Across the nation, prices were down 0.2 per cent for the month, with Melbourne and Hobart (0.2 per cent growth) the only other capitals to grow.


There was also auction success in Greenwich. AAP IMAGE: Adam Yip

In another sign the Sydney market is on the road to recovery, the weekend’s preliminary clearance rate was 72 per cent from 503 auctions, the strongest across Australia.


The Hills, city and inner south, northern beaches, Ryde and Sutherland regions were all above 80 per cent, while Sydney as a whole was much stronger than the 49.7 per cent clearance rate from the corresponding weekend last year.