FIVE IMPORTANT SYDNEY PROPERTY MARKET UPDATES
As Australia’s capital cities recover from Covid-19 lockdowns and restrictions, Sydney’s property prices continue to climb on an upward trajectory.
- Property values increased by 1.5 per cent in October and have soared up to 23.8 per cent over the year, providing sellers with a gross yield of 2.4 per cent, based on a recent report from Corelogic.
- Meanwhile, the current median value for Sydney dwellings significantly soared up to $1 million in June, and has further increased with an additional $15,500 over the month of October.
- Now, the average house in Sydney is selling for $1.33 million and units for $837,000 whilst the gap between the median house and unit value in the areas is now close to $500,000.
- In the reports, it is concluded that a typical Sydney house is now about $320,000 more expensive than it was at the beginning of January, whilst units have experienced a gain of $100,000.
- BY 2022, national property prices are forecasted to moderately increase by 6 per cent before dropping by 4 per cent in 2023, according to ANZ.
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