Sydney property market records fastest rebound in decades

The Sydney property market is on the move.

Sydney 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.

Sydney property recovery

The recovery can be attributed to the lower interest rates, the relaxation of bank lending standards, a post-election boost in buyer confidence and 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.

Source: Domain House Price Report, September Qr 2019.
MEDIAN HOUSE PRICES
Region Median QoQ Change YoY Change
Blue Mountains $650,000 -0.3% -4.4%
Canterbury Bankstown $860,000 4.9% -3.9%
Central Coast $616,500 2.8% -2.1%
City and East $2,180,000 1.4% -9.0%
Inner West $1,550,000 6.9% 4.0%
Lower North Shore $2,330,000 1.1% 1.3%
North West $1,250,000 9.7% 3.2%
Northern Beaches $1,696,000 4.7% -0.6%
South $1,125,000 7.1% -5.5%
South West $695,000 3.4% 0.0%
Upper North Shore $1,620,000 -0.3% -1.8%
West $700,000 2.9% -2.1%

Domain reports that prices in the inner west have also grown annually, one of only three regions to do so.

Want to take advantage

They’re up by 4 per cent in the 12 months to September.

Unit price growth was strongest on the northern beaches, with a 13 per cent rise (largely attributable to the type of apartments sold).

The lower north shore, with a 5.4 per cent jump, inner west and city and eastern suburbs at 3.3 and 2.7 per cent, followed.

Unit prices across all regions remained down annually, apart from the northern beaches. 

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.

If you’re looking at buying your next home or investment property here’s 3 ways we can help you:

Sure our property markets are improving, but correct property selection is even more important than ever, as only selected sectors of the market are likely to outperform.

Why not get the independent team of property strategists and buyers’ agents at Metropole to help level the playing field for you?

We help our clients grow, protect and pass on their wealth through a range of services including:

  1. Strategic property advice. – Allow us to build a Strategic Property Plan for you and your family.  Planning is bringing the future into the present so you can do something about it now! Click here to learn more Sydney suburbs
  2. Buyer’s agency – As Australia’s most trusted buyers’ agents we’ve been involved in over $3Billion worth of transactions creating wealth for our clients and we can do the same for you. Our on the ground teams in Melbourne, Sydney and Brisbane bring you years of experience and perspective – that’s something money just can’t buy. We’ll help you find your next home or an investment grade property.  Click here to learn how we can help you.
  3. Wealth Advisory – We can provide you with strategic tailored financial planning and wealth advice. Click here to learn more about we can help you.
icon-podcast-large

Subscribe & don’t miss a single episode of Michael Yardney’s podcast

Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.

Need help listening to Michael Yardney’s podcast from your phone or tablet?

We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.

icon-email-large

Prefer to subscribe via email?

Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.


Michael Yardney

About

Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


'Sydney property market records fastest rebound in decades' have no comments

Be the first to comment this post!

Would you like to share your thoughts?

Your email address will not be published.
CAPTCHA Image

*


facebook
twitter
pinterest
linkedin