Sydney house prices surpass $1 million mark again

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A typical house in Sydney is now worth over $1m again, after the property market saw a second consecutive month of price growth in November.

CoreLogic’s November Home Value Index showed Sydney house values have grown 0.9 cent in the past month to $1,000,170.

This was an increase of $6243 from the previous month as values are 1.2 per cent higher than three months ago.

CoreLogic head of residential research Eliza Owen said the market was bouncing back after experiencing just over a two per cent decline throughout the pandemic, and was spurred on by growing consumer confidence, fiscal policy and low interest rates.

“The falls we’ve seen are far from the 10 per cent declines many predicted at the start of the pandemic,” she said to realestate.com.au.

Photo by Paula-Jorunn Naes on Unsplash.

“Sellers are benefiting from auction clearance rates growing, along with a fall in days on market and vendor discounts,” she said.

The apartment market on the other hand is continuing to suffer with values declining 0.7 per cent to $728,168 in November. This made Sydney units the only type of dwelling in any capital city or regional area to record negative growth.

Apartments have lost around $40,000 in value since March, but are only 0.1 per cent down from the start of 2020.

Ray White NSW CEO Andrew McCulloch, speaking to realestate.com.au, said the market is now in a stronger position than what it was at the start of 2020.

“There are a lot more people looking to buy at the moment and confidence is really high at the moment,” he said.

Sourced By: realestate.com.au

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