Sydney’s property market has recorded its quickest turnaround in decades, with house prices rebounding almost $50,000 last quarter, new data shows.
Houses prices regained almost one-third of the value lost during the two-year downturn, Domain’s September House Price Report, released on Thursday shows, with the city’s median up 4.8 per cent to $1,079,491.
The rapid recovery — four times greater than the next strongest quarterly rebound of 1.2 per cent following the 1994 market low — has defied all price forecasts.
Domain senior research analyst Nicola Powell said the quicker-than-expected upswing could be attributed to the slight relaxation of lending standards, interest rate cuts, a post-election boost in buyer confidence and improved affordability.
“We have seen a strong rise over the quarter,” Dr Powell said. “There is momentum gaining, so I do think next quarter we’re likely to see [a return to annual price gains].”
|Median house prices|
|Region||Median||QoQ Change||YoY Change|
|City and East||$2,180,000||1.4%||-9.0%|
|Lower North Shore||$2,330,000||1.1%||1.3%|
|Upper North Shore||$1,620,000||-0.3%||-1.8%|
|Source: Domain House Price Report, September Qr 2019.|
KATE BURKE| JOURNALIST | OCT 24, 2019