I’m pleased to share with you the latest of Smartline’s monthly state-based property updates.
In the video, CoreLogic Research Director, Tim Lawless, presents for Smartline the latest housing data for NSW.
This month’s key trends include:
– Sydney prices are continuing to rise and have reached the fastest pace of annual growth since December 2002.
– Capital growth was up 4.5% over the quarter with a rise of 18.4% over the last 12 months
– The strong growth has provided substantial wealth for home owners; however, it has made homeownership increasingly out of reach for first home owners and low income families.
– Affordability in Sydney is at an all-time low with dwelling prices 8.5% higher than gross household incomes.
– The growth is primarily due to strong economic conditions based on a strong services-based economy which has led to strong full time jobs growth
– Strong migration from overseas and interstate has also been fuelling demand
– The strong capital growth has also resulted in severe compression in rental yields, which are now at 2.8% for units and 3.8% for houses
I hope you find the video of interest. Let me know if you have any feedback or want to discuss anything.
Your Mortgage Adviser