Home News Sydney property prices to increase this spring

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%.
 

Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker

Mortgage News and Articles

New social housing aims to transform Ivanhoe Estate New social housing aims to transform Ivanhoe Estate

The sprawling redevelopment aims to boost the supply of affordable housing in Sydney Read more

A new suburb will be built in west Melbourne A new suburb will be built in west Melbourne Mount Atkinson will become home to more than 22,000 people over the next 15 years ... Read more

Surging house prices threaten liveability in Melbourne Surging house prices threaten liveability in Melbourne Analysts warn the city could become just as unaffordable as Sydney, if property trends continue ... Read more

More Aussies would benefit from regional hubs linked to cities More Aussies would benefit from regional hubs linked to cities Shorter commutes could spur higher home sales in regional towns, analysts say ... Read more

More mortgage news and articles

Sponsored Links

Sunday, Aug 20, 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