Sydney house market continues to boom, unit market contracts: Eliza Owen

The Sydney house market has trumped July’s quarterly growth rate with rate of 7.88%, according to Onthehouse.com.au, who found Melbourne is up on July’s quarter with 3.13% growth for the thee-month period ending August.

Onthehouse.com.au market analyst Eliza Owen said the next quarter will reveal whether the Sydney unit market is finally slowing down. She says that while the Australian economy may currently be under-performing, this does not mean that housing market will follow suit.

"In August Melbourne’s unit market barely moved with a rate of -0.01%," she said.

"Brisbane continues to follow the movements of its fellow East Coast house markets, documenting a strong annual performance of 6.78%. However, Brisbane’s unit market survived the downward trend evident in its East Coast neighbours with a healthy monthly growth rate of 0.92%."