Dwelling prices in Sydney are on the rise again
First time in two years
Residential property prices in Sydney increased in June, marking a turnaround in the market for the first time in two years.
With a median dwelling price of AUD777,693 (USD543,700), the New South Wales capital recorded an increase of 0.1 percent on the CoreLogic Hedonic Home Value Index in the month to June. This is the first monthly increase for home prices in the city since a peak in July 2017.
Lower mortgage rates after the federal election were partly successful for the stimulus, analysts noted.
“Importantly, the improving conditions through to mid-May were largely ‘organic’, predating the positive boost in sentiment following the federal election and interest rate cuts in early June,” CoreLogic head of research Tim Lawless said.
More: Prime Sydney homes hit new price high
While the “tide may have turned” for the housing market, market observers are not expecting a rapid recovery soon, he added.
On a quarterly basis, Sydney prices registered a negative growth of 1.1 percent in the second quarter; prices were down 9.9 percent annually.
Nevertheless, Sydney recorded a preliminary clearance rate of 72 percent from 503 auctions over the weekend, the strongest in Australia.
Apart from Sydney, Melbourne and Hobart also saw their dwelling values edge higher at 0.2 percent. Nationwide, dwelling values fell 0.2 percent, the smallest monthly decrease since March 2018.
Hong Kong’s homecoming: Housing market reawakens, will it weather the interest rate storm?
Hong Kong’s reopening has led to growing indications of a rebound in the territory’s struggling housing market
6 of the exciting areas to visit in Lipa, Batangas (PH)
With its cool weather, nature, and laid-back lifestyle, this city in Batangas Province is a rising star
Ok, boomers, Gen X’ers: Where are they now in their property journeys?
Ageing societies in Southeast Asia mean that catering to the requirements of mature investors will be a key challenge for developers
Pursuing a career in sustainability paves a path for a green, resilient, inclusive property sector
The Narrow Door Podcast Host Sam Oh speaks with World Bank Group's Angelo Tan on his career journey