Sydney Property Values Increase Year-On-Year During 2013
Sydney has undergone great property value growth over the last 12 months, with the latest RP Data-Rismark International Home Value Index detailing a 12.5 per cent increase in values over the last 12 months for the New South Wales capital.
This has contributed to a combined capital city value increase of 8 per cent over the last year, which could be encouraging for anyone interested in purchasing or selling property in these cities in the near future.
RP Data’s Senior Research Analyst Cameron Kusher said the growth would slow down heading into the future, but not dramatically. He stated that the rate would reduce down to a more sustainable level, following the explosive growth of capital cities during 2013 – Sydney and Melbourne in particular.
“The latest data from the Reserve Bank shows private sector housing credit increased by 5 per cent over the 12 months to October 2013, its highest annual rate of growth since June 2012,” said Mr Kusher in a December 2 release.
“The data also indicates that housing credit for investment housing (6.4 per cent per annum) is expanding at a much faster pace than owner occupier finance (4.3 per cent per annum).”
The median price for Sydney property is currently sitting at $640,000, far above the next closest capital city Melbourne, which is currently resting at $552,500.
Furthermore, the typical capital city home in Australia is taking less time to sell now than a year ago. On average, homes are now successfully selling in 41 days compared to 50 days.
Discounts on sale prices have also dropped over the last 12 months – falling from 6.6 per cent down to 5.8 per cent.
These statistics could be great news for those considering selling their Sydney property in the near future, with these trends expected to continue into the new year.