Sydney Housing Market October 2015
They Sydney housing market has slowed slightly in the first month of spring with an increase in newly listed properties on the market and a slight reduction in both capital growth and auction clearance rates. Across the country residential real estate still accounts for more than half of Australia’s wealth with $6.2 Trillion. Other major factors in the countries wealth are Australian superannuation at $2.3 Trillion, Australian listed stocks at $1.7 Trillion and Commercial Real Estate at $0.7 Trillion.
Average house values across Australia
In September 2015 average house values across Australia increased by 0.9%. For the 12 months up to August 2015, average property prices across Australia increased by 11% which is up from last month. Capital city housing value growth for the past 12 months continues to be lead by the Sydney property market, followed by Melbourne. Each city housing value growth are as follows:
Sydney up 16.7%
Melbourne up 14.2%
Brisbane up 4.6%
Hobart up -1.2%
Adelaide up -0.3%
Nationally 496,985 dwellings were sold for the 12 months from August 2014 to July 2015. The number of houses sold for the year was up by 2.4% while the number of units sold was down by 8.1%.
Median dwelling prices
The Sydney housing market currently has the currently has the currently has the highest median dwelling price with houses at an average of $920,000 and units at $660,000. Other major Australian Cities are as follows
Melbourne houses $635,000 units $660,000
Brisbane houses $494,000 units $390,000
Hobart $330,200 units $280,000
Adelaide $431,500 units $340,000
Perth $510,000 units $414,000
Darwin $595,000 units $475,000
Canberra $608,500 units $402,500
Gross Rental Yields
Gross Rental Yields across the country are at an average of 3.5% with Darwin being the highest on 5.5% followed by Hobart on 5.3% then Brisbane at 4.4%, Adelaide 4.2%, Canberra 4.1%, Perth 3.9%, Sydney 3.3% and Melbourne being the lowest on 3.0%.
Average time houses are listed for sale
Average time houses are listed for sale before purchase in the Sydney housing market for the month of August was 26 days and the Auction clearance rates for Sydney dropped to 70% which is the lowest in 4 months. The number of newly listed properties entering the market for Sydney is 16% higher than one year ago.
Average rental rates
Average rental rates for Sydney are currently $610 per week for houses with an average yield of 3.1% and $537 per week for units with an average yield of 4.1%.
The RBA have left cash rates to a record low of 2% for the fourth consecutive month
The above information is from RP Data October 2015 Housing & Economic Report.
watch the video below from RP Data