Sydney housing market continues to improve heading into Spring

2.9.13(b)The real estate market in Sydney is rocketing towards recovery following a fantastic weekend for auction clearance rates, according to the latest data from the Australian Property Monitors.

An 84 per cent clearance rate was recorded throughout the New South Wales capital city last weekend (August 31), with 347 homes sold and a total of $300,991,000 made in sales, and a median sale price of $802,500.

Furthermore, RP Data have released figures that show Sydney has experienced a growth of 5.4 per cent over the past three months, which could indicate the beginning of a fantastic spring market boom.

Even though the cooler weather usually slows the market down, winter has experienced record high clearance rates that seem set to continue well into the later quarters of the year.

As reported by the Sydney Morning Herald, RP Data also stated that while Sydney was the best performing city in Australia, it was also the most expensive, with the overall median dwelling price resting at $587,000.

The report also details that Sydney has experienced a seven per cent growth in house prices this year thus far, with an expected overall growth of 10 per cent by the end of the year.

“While the recent surge in dwelling values has caused some renewed debate about an Australian housing bubble, it is important to remember that the average annual capital gain over the past decade has been just 4.3 per cent across the combined capital cities,” said Tim Lawless, director of research at RP Data.

All of this could be interesting news for anyone interested in immersing themselves in Australia’s real estate market.

With the prospect of continued capital growth for Sydney heading into spring, coupled with the increasingly high auction clearance rates, now could be the time to take the plunge and pursue your property goals.

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