Sydney property prices have gone up again, with the latest figures from CoreLogic showing a 1.7 per cent rise for the month of October.
CoreLogic’s October Hedonic Home Value Index has recorded a quarterly price rise of 5 per cent in the Harbour City, bringing the median to $817,886.
What’s happening across the country?
Nationally, dwelling values were up by 1.2 per cent in October, which are the largest month-on-month gains that have been seen since May 2015.
However, prices are still below peak levels.
Prices went down nationally by 8.4 per cent between October 2017 and June 2019. Recent increases have brought dwelling values up by 2.9 per cent, meaning that they are still 5.7 per cent below their peak.
Sydney and Melbourne driving growth
The upward price trend has largely been underpinned by strong results in Sydney and Melbourne.
According to CoreLogic research director Tim Lawless the stronger rebound in Melbourne and Sydney, compared to other capitals, is due to a blend of factors including tighter labour market conditions and stronger population growth relative to the other capitals, coupled with the stimulatory effect of the lowest mortgage rates since the 1950’s, and improved access to credit.
“Stamp duty exemptions for first home buyers purchasing under specific price points have added additional stimulus to housing demand,” Mr Lawless said.
Good time for buyers and sellers
It doesn’t matter if you’re a buyer or seller, right now is a great time to be in the property market.
For sellers, there is growing demand from buyers and strong property results being seen, and for buyers there are low interest rates to help them get their foot on the property ladder.
Whether or not conditions remain favourable in the future is anyone’s guess, but as property prices look set to continue going up over the next few years, property may become increasingly unaffordable, particularly in Sydney and Melbourne.