Sydney Property Market12 June 2020 by News Desk
Sydney Property Market is positive with property buyers and sellers still transacting despite coronavirus restrictions.
New South Wales Treasurer Dominic Perrottet says that the real estate industry has adapted well to COVID-19 having rolled out virtual inspections and online auctions.
The federal government is easing restrictions allowing real estate agents to conduct in-person auctions and open inspections along with social distancing measures.
Dwelling values in Sydney increased by 0.4% over April. For the past quarter, values are up 3.2% and up +4.4% YTD. Both are the highest of all capital cities in Australia, according to CoreLogic’s Home Value Index.
Average price of a house in Sydney $1,026,418
Average price of a unit (apartment) in Sydney $777,940
For property auctions, clearance rates and median prices in Sydney have risen with the total value of auction sales falling less some other capital cities.
In regional New South Wales Average price of a house is $482,387
In regional New South Wales average price of a unit (apartment) is $406,396
Sydney Property Market – Rental
Sydney’s rental market in April suffered from the COVID-19 emergency. With the higher supply and lower demand, rents have decreased and vacancy rates have increased across most capital cities.
Sydney had the second largest decrease in rent prices in April (-0.7%), following Hobart (-1.1%). Annual change in rents for Sydney is also down by -0.7% overall. The gross rental yield in Sydney is the lowest of all the capital cities at 2.9%. For regional NSW, the gross rental yield is 4.6%.
The rental markets in Sydney and Melbourne have been hit the worst. A fall in overseas migration and vulnerability to job loss has affected the oversupply in inner city Sydney. Inner-city regions of Sydney have had a massive increase (+34.1%) in rental listings compared to the much lower average increase (+0.8%) for the country.
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