Housing market report
The Sydney housing market continues its strong performance, with median house prices nowat record levels. The median house price of $673,568, recorded over the May quarter, was 3.2percent higher than that recorded over the February quarter. Unit prices are also rising, with the median price over the May quarter up by 2.1 percent.
Sydney’s weekend auction market, usually a reliable forward indicator of the overall strength of the housing market, is producing some of its best results in years. Weekend auction clearance rates have continued to increase over the year with the June result at 72 percent, the highest recorded in any month for nearly 10 years.
Although June auction sales in Sydney were at an all-time high, market activity remains mixed both between buyer types and price ranges. First home buyer numbers remain at low levels, and the prestige market is yet to reflect the rising buyer activity of the wider market.
Although first home buyers are largely missing from the budget market, investors are currently active in record numbers, chasing solid rental yields and the prospect of capital growth in Sydney’s resilient market.
Auction Clearance Rate Jun 2013 - 72%
Average Days on Market June 2013 - 78