Sydney comes out on top among other capitals

The-Sydney-property-market-is-stronger-by-the-numbers-than-other-capitals_157_74165_0_14091562_300The latest market update from RP Data indicates that the Sydney property market is still going strong.

Of the 2,108 auctions held across Australia’s capital cities in the week to June 19, a significant share were centered in Sydney – 798. Sydney maintained a respectable clearance rate at the same time, with 69.3 per cent of properties on auction being sold.

Sydney’s clearance rate for the week was the best of all the capitals, and aside from a few exceptions was well above many of the other capitals watched by RP Data. Only Melbourne and Adelaide had clearance rates which crossed over 50 per cent, and even then only Melbourne came close to equalling Sydney’s rate.

These results show that Sydney continues to be a strong market for property sellers. With house prices in Sydney at the highest level in the country, according to RP Data, combined with these continuing solid clearance rates, Australia’s biggest city is proving an advantageous market for investors wanting to make a return on their real estate.

Sydney also happened to come first of the capital cities when it came to the number of new listings. Sydney recorded 6,963 new listings over the four weeks ending on June 15 of this year. Except for Melbourne which nipped closely at its heels with 6,795 listings, this was again well above every other capital.

Sydney has consistently outperformed every other capital city in the country for some time now. According to figures from the Australian Bureau of Statistics it posted the highest increase in residential prices from both the December 2013 quarter to the March 2014 quarter, and from the year to the March 2014 quarter.

Sydney could thus well be the place to go for property investors looking for a region that will offer a good return on investment, as well as provide demand for housing.

Leave a Reply

Your email address will not be published. Required fields are marked *