Most of this action has been focused on houses, while demand for apartments has been more subdued. This is largely because investors aren’t seeing the value in returns, with declining rents. That said, in March 2021 Sydney unit values grew for the first time in a year.
We are also seeing strong demand from lifestyle buyers: those wanting to upsize to a larger home, downsizers looking to capitalise on rising house prices, and those looking to move out of the city to regional areas.
Median House and Unit Price Values
- Sydney dwelling prices up 3.7% for the month, with apartments up 2.1%.
- Sydney prices have now lifted by 6.7% during the first quarter of the year – the strongest quarterly growth since mid-2015.
Auction Clearance Rates
- Have been over 80% across Sydney for almost two months.
- In the week ending March, Auction clearance rates sat at 95.8% for the Central Coast, 95% in Newcastle and Lake Macquarie, 94.8% in the Northern beaches and 92.5% for Baulkham Hills and the Hawkesbury.