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Sydney has reclaimed its crown as one of Australia’s strongest-performing property markets.
With national house prices breaking an 18-year record, capital cities have undoubtedly risen from last year’s COVID-induced downturn, with Sydney leading the charge.
Sydney was the only capital city to achieve double-digit growth in the 12 months to 16 May, with house prices soaring by 11 per cent, well above the average 8.8 per cent growth recorded across the combined capital cities, new data from CoreLogic revealed.
To date, Sydney has maintained the highest private median price for both houses and units at $890,000 and $649,900, respectively.
According to Domain’s senior research analyst, Dr Nicola Powell, record-low interest rates, improved household savings, low listing volumes, post-lockdown lifestyle changes, returning cashed-up expats, government incentives and soaring consumer sentiment have been driving record growth.
“Over the past three decades, Sydney house prices have twice increased by more than 8 per cent over a quarter, the first time in June 2015… For home owners, this is the fastest rate of capital growth on record,” Dr Powell said.
“Houses at the upper end are leading the charge, with the strongest quarterly gains recorded in the eastern suburbs, Northern Beaches, Baulkham Hills and Hawkesbury.”
Following Sydney, albeit with a large gap, was Brisbane with a house price boost of 7.5 per cent, Melbourne with 7.3 per cent, Perth with 6.5 per cent and Adelaide with 6.2 per cent.
Month on month, CoreLogic data saw Sydney maintain its lead with a 2.7 per cent increase, followed by Adelaide with 1.8 per cent. Brisbane saw a slightly lower increase at 1.6 per cent, followed by Melbourne with 1.5 per cent and Perth with 1 per cent.
Looking at the weekly change, Sydney still wins the race with a 0.7 of a percentage point rise, followed by Melbourne and Brisbane with 0.5 of a percentage point each, and Adelaide and Perth with 0.3 of a percentage point.
Adelaide saw the most affordable median prices for both houses and units at $506,000 and $380,000, respectively.
Despite rising prices, Sydney houses still get snapped up faster than any other capital city, with the average time on market at only 27 days. Hobart followed at 28 days, Melbourne at 31, Adelaide at 30, Perth with 34, Canberra at 36 and Brisbane at 37. Darwin had the longest time on market at 44 days.
However, Sydney units were beaten by Hobart, where average time on market was only 24 days. In comparison, Sydney, Canberra and Perth had 37 days, Adelaide had 38 days, Melbourne had 41 days and Brisbane had 51 days.
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