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Property prices at all-time highs in Sydney



Is it time to sell in Sydney?

House prices in Sydney, Australia have skyrocketed by 7 percent over the last quarter – the highest gain in almost 33 years.

It comes on the back of a lack of supply in the market and cashed-up buyers making the most of record low-interest rates.

Tim Lawless from CoreLogic says “such a synchronized upswing is an absolute rarity across Australia’s diverse array of housing markets.”

Across the country, house prices rose by an average of 10.6% over the past twelve months, with Melbourne the worst-performing capital city.

House prices in Australia / Image File

Why the spike in Aussie Property Prices?

Australia has recovered reasonably well from the COVID-19 pandemic and with that – so too is the housing market.

Melbourne and Sydney lead the way.

Despite the country’s first recession in nearly three decades, Aussie home values – including houses and apartments – ended 2020 3 percent higher, according to CoreLogic data.

The data also detailed that home values are surging at over 2 percent above average.

According to another report, the Domain House Price index released on January 28, the nation’s median detached house price hit a record high of $852,940 in the December quarter.

All this, despite the steepest decline in population growth in decades thanks to international border closures – something that should, in theory, reduce demand for housing.

Nationally, many punters are now tipping double-digit property price gains ahead. Westpac economists are banking on a 15 percent boom in prices over the two years starting this December quarter.

RBA Interest Rate

Australia’s booming housing market has seen the number of home loans increase to the highest level in more than two years.

The Reserve Bank of Australia credit figures show total housing loans rose by a further 0.5 per cent in April for an annual pace of 4.4 per cent, the highest since January 2019.

Mortgages for owner-occupied properties rose from 0.6 percent to 6.2 percent annually according to statistical data from the RBA.

Investor loans rose 0.4 per cent to 1.1 per cent annually, the highest rate since December 2018.

The RBA and other financial regulators are keeping a close eye on developments in the housing market to make sure lending standards are not deteriorating at a time of sharply rising prices.

Overall, total credit in the economy rose from 0.2 per cent in April to 1.3 per cent.

Sydney home prices are continuing to rise. Image / Unsplash

Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

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