According to Domain.com.au and CoreLogic data, Sydney’s largest correction in housing prices since the 1980’s have shown signs of slowing down. The median house price around the metropolitan area is $1,032,338 whereas the median unit price is $688,652. This is on par with mid-2015 levels.
The previous peak in Sydney’s market was in mid-2017 where the markets have declined by at least 14 per cent since then. Aspects which may have affected this include the federal election results which has implications on tax reform as well as two interest rate cuts, restraints on foreign investments, stricter lending criterias and changes to the rules on lending.
These numbers provide a snapshot on the overall market and the recovery appears to have affected the higher-priced areas where the Inner West and the Lower North Shore showed an increase of 3.48% and 4.55% in the last quarter respectively.
Preliminary auction clearance rates last week in Sydney rose to 78.5% up from the 71.2% the week prior.