Theresa Worrell: Sydney Housing Market Update [video]

Sydney home values recorded their first month on month decline in a year, with values down 0.4% in May.

CoreLogic has released their newest housing market update for June 2020.

Weakness was mostly evident across the top quartile of the market where values were down by 0.6% over the month compared with a 0.1% rise in the lower quartile values.

Softer conditions across the most expensive end of the market come after a solid over performance.

The past twelve months has seen the top quartile of home values surge 16.5% higher while growth across the lower quartile was substantially lower at 9.6%.

Despite the fall in values, there were some more positive signs that housing markets were responding to an easing in restrictions.

Buyer activity was up by 29% over the month, partially recovering a 41% drop in activity through April, and auction clearance rates had improved from the low 30% range in mid-April to the mid 60% range by late May.

Syd