Northern Beaches
The Australian housing market has experienced a bounce-back compared to the previous December Quarter, which areas are leading the market bounce back?
Good news - Sydney is one of them.
Over the last few weeks, data shows increased demand for housing (CoreLogic's RP Data), as advertised supply remains low overall. This has been evident in the high combined capital city clearance rate (sitting above the decade average for 6 of the last 8 weeks), vendor discounting and increased sales volume (increased 10.4% through March). Sourced - CoreLogic's RP Data - Eliza Owen (Head of Residential Research Australia).
In a recent report CoreLogic mentioned 'there was a relatively high volume of suburbs experiencing growth across Sydney. Sydney dwellings are showing signs of a rebound, following a peak-to-trough decline of around -14% over the year to January. Sydney often leads inflections in the housing cycle across capital city markets, and may be seeing a relatively high portion of markets in growth because it is moving through to the next cyclical phase. Strong recovery has been concentrated in the high end of the market, with the top five performing suburbs having median dwelling values of at least $1.5 million.' CoreLogic's RP Data.
What can we expect in the coming months?
Looking ahead, the number of regions growing in value could begin to trend higher. If the current cycle we are experiencing follows the path of historic ones, the high tier markets such as Sydney are likely to show more suburbs in upswing in the upcoming months.
If you are considering selling or would like to discuss your property options, please contact us on 9999 0800.
Data and statistics derived from CoreLogic's RP Data.