Sydney Property Market September 2015
Residential real estate currently accounts for more than half of Australia’s wealth with $6.1 Trillion. Other major factors in the countries wealth are Auastralian superannuation at $2 Trillion, Australian listed stocks at $1.7 Trillion and Commercial Real Estate at $0.7 Trillion.
In August 2015 average house values across Australia increased by 0.3%. For the 12 months from July 2014 to June 2015, average property prices across Australia increased by 10.2% which is down from last month but still extremely high . 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 17.6%
Melbourne up 11.5%
Brisbane up 3.9%
Hobart up 1.5%
Adelaide up 1.8%
Nationally 492,678 dwellings were sold for the 12 months from July 2014 to June 2015. The number of houses sold was up by 2% while the number of units sold was down by 9.1%.
The Sydney property market currently has the highest median dwelling price with houses at an average of $900,00 and units at $670,000. Other major Australian Cities are as follows
Melbourne houses $620,000 units $475,000
Brisbane houses $482,400 units $382,200
Hobart $330,000 units $280,000
Adelaide $430,000 units $350,000
Perth $520,000 units $415,000
Darwin $580,000 units $450,000
Canberra $587,800 units $415,000
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 5.2% then Brisbane at 4.5%, Adelaide 4.2%, Canberra 4.2%, Perth 4.0%, Sydney 3.3% and Melbourne being the lowest on 3.1%.
Average time houses are listed for sale before purchase in the Sydney property market for the month of August was 25 days and the Auction clearance rates for Sydney dropped to 78% which is the lowest in 3 months. The number of newly listed properties entering the market for Sydney is 18% higher than one year ago.
Average rental rates for Sydney are currently $610 per week for houses and $537 per week for units.
The RBA have left cash rates to a record low of 2% for the third consecutive month
The above information is from RP Data September 2015 Housing & Economic Report.
watch the video below from RP Data