While many experts predict that housing price growth will ease in the near future from the recent boom, Sydney is one of the areas around the country where the housing market will remain high. In fact Sydney’s housing market prices are the highest in the country.
The value of homes in the capital cities increased by 0.3 per cent in February seasonally adjusted, according to the RP Data-Core Logic Home Value Index. This was lower than January when it grew 1.3 per cent but it is still high compared to other parts of the country.
Currently Sydney is the strongest market with prices up 13.7 per cent in the 12 months to February which makes it the highest growth in the country. The growth is Melbourne is almost half the value of Sydney’s.
People looking to buy new homes in other parts of Australia can breathe easy with high prices cooling slightly however in Sydney the median house price has passed three quarters of a million. Buying a flat in Sydney will cost Australians more than half a million.
In an article on Sourceable.net, RP Data research director Tim Lawless was quoted as saying that a bleaker looking economy combined with declining housing affordability may result in lower interest rates but may not give the housing sector the boost it normally would.
The article also mentioned how an increasing supply of new housing was evident in figures released by the Housing Industry Association (HIA). According to HIA figures, new 2home sales grew by 1.8 per cent in January this year.
The number of flats, townhouses and semi-detached homes sold also rose in January by 9.9 per cent, house sales rose only 0.1 per cent.
The following figures from the article on Sourceable.net detail the percentage growth for the capital cities in the year to February:
Sydney – up 13.7pct to $680,000
Melbourne – up 7.4pct to $515,000
Brisbane – up 5.9pct to $452,200
Adelaide – up 3.4pct to $410,000
Canberra – up 1.8pct to $510,000
Darwin – up 1.6pct to $530,000
Hobart – up 0.7pct to $336,500
Perth – up 0.6pct to $510,000
– See more at: http://sourceable.net/sydney-house-prices-highest-in-the-nation/#sthash.t3JVqLzx.dpuf
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