‘CoreLogic October Home Value Index Results: growth conditions remain flat on a national basis while Sydney values fall’
For October, conditions were flat across both the combined capital cities and the combined regional areas of Australia, however over the past twelve months growth in the capital cities (+7.0%) has outperformed the regional areas (+4.9%). YTD date for Sydney still stands at 7.7%.
“The Sydney unit market is slightly outperforming the detached housing sector, with an annual growth rate of 7.9% for units compared to a growth rate of 7.7% for houses. While Sydney is seeing a large number of new units added to the market, it seems that high levels of investment activity and strained affordability is helping to drive a better performance across this sector.”
With headlines like these, it’s no wonder that the property market in Sydney is taking a breather. It won’t last for long though, with a number of respected Economists expecting to see solid growth next year for 2018/2019 period. The population is still growing strongly and the headlines of an oversupply of units were quietly downgraded to a forecast of meeting equilibrium in 2018 rather than the GLUT of apartments they were forecasting.
The rental market has been steady but with some changes expected to the residential tenancies act potentially coming into force for 2018, it could be a good time to talk to us about how the changes could impact your property investment.
Here is a look out our Q3 report for the postcode of 2127 [see attached PDF]
If you have any questions about buying, selling, leasing or renting please give the team at Property Nest a call on 02 9764 0080