Sydney property values are now at an all-time high, having broken a value record set back in 2017.
CoreLogic revealed the figure, which is now at 178.5, this morning, as part of its daily Hedonic Home Value Index for Sydney. The index number represents the value change in the property market.
Reflecting on the strong capital gains made by the city, Tim Lawless, CoreLogic’s executive research director, has said he isn’t surprised that the value record reached back in 2017 has now fallen.
“The recovery trend in Sydney following the -15.3 per cent decline from July 2017 to May 2019 was interrupted by COVID-19, with housing values falling by -3.0 per cent through the worst of the pandemic,” Mr Lawless outlined.
“Since housing values found a floor in October last year, Sydney home values have risen 5.7 per cent to reach a new record high today. The fresh record high is great news for Sydney home owners, but highlights the challenges for non-home owners looking to participate in the housing market as values rise faster than incomes.”
In contrast, the data also revealed Melbourne dwelling values remain -1.3 per cent below their pre-COVID high and Perth values are still -16.9 per cent lower relative to their 2014 peak.
The CoreLogic data comes as the REIA has reported a 6.6 per cent increase to the average capital city median house price across 2020.
ABOUT THE AUTHOR
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.