Three months of strong price gains have signalled the end of Sydney’s two-year property slump – and the news is about to get even better for homeowners, according to a leading real estate analyst.
There’s good news for Sydney homeowners, with predictions that record property prices could be in sight ‘within six months’.
Tim Lawless, head of research at property analysts CoreLogic, said that if the current pace of price growth continues, record new house values could be seen in the harbour city by next April.
“Sydney’s housing market is on track to post a recovery within six months,” Mr Lawless commented in a new report. “Housing values are trending higher rapidly, up five per cent over the past three months.”
While the recovery trend in place over the last three months looks increasingly entrenched, Sydney prices are still down by -10.4 per cent from the last peak in the market, set in July 2017. But that has improved from the -14.9 per cent fall from peak to trough.
The news comes as Sydney prepares for a series of ‘super Saturdays’ as the spring property selling season reaches its climax.
There are 609 auctions scheduled to take place in Sydney this weekend, according to realestate.com.au, rising to 754 on November 16 and 776 on November 23.
Nationally, the prediction is also for a six month recovery to new highs.
Based on CoreLogic’s Home Value Index, national dwelling values remained -5.7 per cent below their peak at the end of October 2017.
With values rising by 2.9 per cent over the past three months, CoreLogic predicts it would take approximately six months for national housing values to return to their historic high.
Two capital cities – Hobart and Canberra – have already shrugged off minor property slumps to be back in record price territory.
Of those cities that suffered deeper falls, Melbourne is on track to complete the fastest recovery, with CoreLogic predicting prices to hit new highs in January.
Source : News.com.au