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The Linden

Sydney property market records fastest rebound in decades

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
RegionMedianQoQ ChangeYoY Change
Blue Mountains$650,000-0.3%-4.4%
Canterbury Bankstown$860,0004.9%-3.9%
Central Coast$616,5002.8%-2.1%
City and East$2,180,0001.4%-9.0%
Inner West$1,550,0006.9%4.0%
Lower North Shore$2,330,0001.1%1.3%
North West$1,250,0009.7%3.2%
Northern Beaches$1,696,0004.7%-0.6%
South$1,125,0007.1%-5.5%
South West$695,0003.4%0.0%
Upper North Shore$1,620,000-0.3%-1.8%
West$700,0002.9%-2.1%
Source: Domain House Price Report, September Qr 2019.

Source: Domain

KATE BURKE| JOURNALIST | OCT 24, 2019

Read full article here
https://www.domain.com.au/news/sydney-property-market-records-fastest-rebound-in-decades-896383/