October Property Market Update
Since the beginning of October, the Sydney property market has been exhibiting a growth of around 1% per week. The median house price in Sydney for this time of year is $1,218,000 and houses are selling for an average of 101% more than what they were purchased for. Most areas within the city show similar steady growth.
Residential dwelling prices in Sydney have increased by 4% since September and new listings on the market such as flats and townhouses have decreased by 10%. The most expensive suburbs in Sydney at present are Double Bay ($2,843 per square metre), Rose Bay ($2,706) and Vaucluse ($2,681). New listings in the city are very low at 7.3%.
Outside of the main urban areas such as Sydney, there has been a slight 0.5% increase in house prices in the outer suburbs [Western Sydney and Southern Sydney include Bankstown, Blacktown and Greater West]. Most of the regions show only a small increase of around 1%.
The auction market in Sydney has experienced a change in recent weeks. The median auction price for this time of year is $1,194,000 and the median days on market is slightly lower at 42 days.
There has also been a slight decrease in median advertised rent in most suburbs; however there has been an increase in median advertised rent for houses than what it was at this time last year. This may be attributed to the crowding of listings on the market.
There are many more factors which contribute to the property market's growth, but at the moment the majority of Sydney's inner-suburbs are experiencing strong growth.
The average value of a new dwelling in Sydney has increased by 1% since September. However amidst this growth, there has been a decrease in the number of new dwellings being built in the inner-suburbs. The number of new dwellings being built has decreased by 2% since September.
The increase in median house prices has come about because there are more expensive houses on the market than last year. There have been slight decreases in both sales and sales numbers for houses priced less than $1 million dollars.
The number of properties changing hands in Sydney's inner-suburbs has increased to 6% since September. This is because the median days on the market has decreased to 36 days. There are more properties for sale but they are selling faster than last year.
Sydney's property market at present is experiencing steady growth with the exception of houses which are priced below $1 million. It is expected that Sydney will continue to experience growth over the next month or so before slowing again in November and December.