Market Update –
Mar quarter 2008*
|
Sydney
|
Mar quarter median
|
% change
Dec 07 – Mar 08
|
% change
Mar 07 – Mar 08
|
|
House Price
|
$554,000
|
-0.3
|
+5.9
|
|
House Rent (3
b/r)
|
$320 pw
|
+3.2
|
+14.3
|
|
Unit Price
|
$363,000
|
-3.0
|
+2.5
|
|
Unit Rent (2 b/r)
|
$360 pw
|
+2.9
|
+12.5
|
|
Vacancy rate
|
1.0
|
0.0
|
-0.4
|
*
This is the most up to date available - property data is released 3 months
after the end of each quarter.
Source: Real Estate Institute of
Australia
Comment:
The window is
well and truly open in
Sydney
with buying conditions amongst the best they have been during the past
decade. It is now close to 5 years since the market peaked after the last
boom and everything is in place for the next cyclical upturn in prices.
The
property market is very tightly supplied at the moment as a result of
falling construction levels over the past 4-5 years. All the indicators
suggest we are in for a prolonged period of undersupply with new building
approvals at levels not seen since 1957/58.
Rental growth has been solid across the
metropolitan area over the past 24 months and we are still in the early
stages of the rental upturn. With tight rental vacancy, an increase in
immigration and low supply of new housing there will be enormous pressure on
the rental market for many years to come. We expect to see ongoing and
consistent rental growth for the next 3 to 5 years.
Sydney’s rental vacancy, at 1% is the lowest in the
country and is hovering at levels not seen since the mid 1980’s, a period
which preceded the 1987-89 property boom. The rental market is facing
shortages across the entire metropolitan area, with the inner, middle and
outer suburbs experiencing similar vacancy rates.Detailed
Market Information:
For more detailed property market information
click here,
or contact Quartile
toll free on 1300 650 650 or download the latest
Sydney Residential Property Market Report.
