Sydney Property Market Update
By Bernie Tynes
SYDNEY PROPERTY MARKET UPDATE - APRIL/MAY 2018
After years of strong price growth, the Sydney housing market has taken its biggest hit since 2015, recording a 2.1 percent drop for the last 12 months, 1.7% in the March quarter and 0.3% for the month of March, the sharpest annual fall in prices since the market started to cool late last year. Now under performing the national average, the biggest fall in house prices occurred in Sydney's south which recorded a 4% drop and the number of days of a property on the market are growing.
Median house prices in Sydney are now $1,150,357 and unit prices fell to $740,041 with expectations of further downside. Much of this is the result of restrictions in lending policies, increased supply and reduced interest from local and foreign investors. Despite this, the apartment market is still relatively strong; with unit values outperforming house values as first home buyers take advantage of government grants and stamp duty concessions. The number of first home buyers doubled in the first two months of 2018 compared to the same period last year and this is also supported by stronger population growth.
PRE-JUNE 30 MARKET VALUATIONS
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