INFINITY PROPERTY AGENTS – October Housing Report
Capital city dwelling values increased by 1.3 per cent in the month of October, driven largely by the strong-performing Sydney housing market. Data released this week indicates a continued growth across combined capital cities, with the rolling 12 month combined capital city index recording its fastest pace in the last three years.
Sydney home values increased by 2.4 per cent in October and have increased by 5.5 per cent over the past three months and a staggering 13.4% for the first ten months of the year! Sydney has now eclipsed its previous cyclical high.
The strength in the market is being fuelled by Sydney where we have seen home values only increase at an average annual rate of 2.7 per cent over the past decade. RP Data’s Senior Research Analyst Cameron Kusher stated that “It is little wonder that the Sydney market is responding strongly to record low mortgage rates (held firm at 2.5% at recent RBA board meeting – although fixed rates have now started to climb indicating a change may be imminent), given its long period of underperformance coupled with a pent up undersupply of new housing over recent years”.
Most other indicators are also pointing to an ongoing improvement in overall housing conditions. Specifically:
- Over the three months to August 2013, RP Data estimated that capital city home sales were 20.1 per cent higher than the same period in 2012
- Capital city homes are currently selling after 44 days compared to 56 days a year ago
In Sydney last week, ending Saturday 9th November, of 448 properties for sale, 394 sold with a clearance rate of 84% and 75% the previous week (2nd Nov).
Infinity Property Agents Sydney sold a 2brm North Sydney property this week at a record level for the building and the last four properties we have sold are now at record price levels. The current market is offering an excellent opportunity to capitalise on this heated environment. The question is how long will this heated market continue? Is now the right time to capitalise?
If you would like to take advantage of the current market conditions, please contact Michael Kurosawa ASAP on 0411 641 662 or (02) 9699 9179 for a free, no obligation market appraisal. At the very least get an appraisal!
Infinity Property Agents – Sydney