Sydney dwelling values surged 2.5% higher in February, with house values rising by 3.0% while unit values continued to record a strong but slower pace of growth, up 1.2%.
The trend towards a faster rate of appreciation in house values over unit values can be seen around the country, with demand shifting towards lower density styles of housing.
As housing values rise, buyer demand has also increased, with CoreLogic estimating there were almost 24,000 sales across the Sydney metro area over the past three months, that’s about 34% higher than the same time last year.
The rise in buyer numbers has occurred while advertised stock levels remain 17.5% below the five-year average.
Such strong demand at a time of low available supply is contributing to the upwards pressure on housing prices.
Sydney housing values remain 1.1% below their July 2017 peak, however, at this rate of growth, it won’t take long for Sydney housing values to reach a new record high.
You may also want to read:
National Housing Market Update [Video]
Perth Housing Market Update [Video]
Adelaide Housing Market Update [Video]
from Property UpdateProperty Update https://propertyupdate.com.au/sydney-housing-market-update-video/
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