Seller’s Market As Sydney Property Values Increase During Year
RP Data and Rismark International have released the October Home Values Index report, outlining the rapid growth of Sydney’s real estate market during the last year.
According to the report, Sydney’s property values increased by 2.4 per cent over October, and have undergone a huge growth of 11.6 per cent over the last year, bringing the median price for properties in the New South Wales capital up to $610,000.
Now could be a great time to sell property in Sydney, in order to take advantage of the market and secure fantastic returns on your investment.
Cameron Kusher, senior analyst for RP Data, stated in the report that the growth of Sydney and, to a lesser extend, Melbourne, have been integral to the relatively large increase in property values experienced nationwide.
“Sydney home values increased by 2.4 per cent in October and increased by 5.5 per cent over the past three months while in Melbourne, home values increased by 1.2 per cent in October and recorded an increase of 3.8 per cent over the past three months,” said Mr Kusher in a November 1 statement.
“For the first 10 months of this year, Sydney and Melbourne house values have performed very strongly achieving growth of 13.4 per cent and 8.7 per cent, respectively.”
Furthermore, the report indicates a generally upward trend for the housing market. For example, over the three months to August 2013, capital city home sales increased by 20.1 per cent nationwide.
The number of properties up for sale decreased by 12 per cent over the last year, indicating a market shifting in favour towards sellers as supply tightens and buyers become more competitive as a result.
All these movements highlight a potentially fruitful landscape for sellers to utilise the current shape of the market, and secure themselves some fantastic returns on their properties.