Property market conditions have strengthened in recent months, primarily in Sydney and Melbourne. With this trend typically flowing on to the Newcastle property market.
House prices are around the same as three years ago (2016/2017). There has been a general increase in house prices up 5.3% in Sydney in past 3 months. Prices are recovering from overall house price reductions of 10% over last 18 months. Sydney on average has had a price growth of 20% over the past 5 years. The general forecast is that the stronger conditions will continue into 2020.
Current Factors influencing the market :
Reduced interest rates
More access to credit
More affordable house prices
More stable Federal government
Lower number of properties on the market compared to prior years
Economy generally weak, holding back buyer demand / confidence
Suggest link : www.corelogic.com.au/housing-update
Source : RBA and Corelogic
Scott Walkom, Director, Walkom Real Estate