Sydney property prices to increase this spring

Font size :
Australian investors are taking advantage of low interest rates for to grow their real estate holdings in Sydney during last weekend’s auctions, which ended with an 80% clearance rate.

Experts say that this high demand, along with the shortage of listings, could lead to a continuous rise in property prices.

Domain Group reports that the median asking prices for properties in Sydney have increased by 3.1%, compared to those recorded during the August quarter last year.

Auctioneers have observed that most investors were bidding on houses and apartments with a desirable ocean view.

“The price of apartments across the board, in Sydney metro, has been increasing at a rapid rate and anything with a view really builds the emotion in the buyers,” said auctioneer Damien Cooley.

However, some buyers were less fussy and still bid higher than the reserve price for properties with less than ideal ocean views, wherein the water can be seen just from the corner of a tiny balcony or diagonally across the window. Some also opted to bid on properties with anything special about them, even without the view.

AMP chief economist Shane Oliver expressed that APRA interventions might be possible.

“The case for more APRA intervention in the face of still too hot Sydney and Melbourne property markets remains,” said Oliver.

“I don’t think we’ll go back to the double-digit gains we saw last year, but that’s certainly the risk in this environment.”

Andrew Wilson, Domain Group chief economist, said that the western suburbs sold the most properties during this weekend’s auctions, with a 90.5% clearance rate. The lower north came next with 88.4%, followed by the south with 85.7%.
 

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now

Mortgage News and Articles

CBA unveils new repayment simulator CBA unveils new repayment simulator

The simulator will show customers the differences between different types of repayments Read more

How to tell when a housing market is cooling How to tell when a housing market is cooling You need to check clearance rates, listings, and the price gap, among other factors ... Read more

Growing demand for green apartments in Sydney Growing demand for green apartments in Sydney Both owner-occupiers and investors favour eco-friendly buildings for their energy-saving features and reduced environmental footprint ... Read more

Are property investors as rich as they appear? Are property investors as rich as they appear? A multi-property portfolio doesn’t guarantee easy millions ... Read more

More mortgage news and articles

Sponsored Links

Tuesday, Sep 26, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords