Sydney to have another year of steady property growth: HTW

Sydney’s property market will have another year of steady growth, according to HTW's February 2017 update.

The valuation firm says 2016 was a year of contradictions: an unsteady start with much speculation about the future; low investor confidence; higher bank interest rates than the RBA alongside progressively strong clearance rates; short selling periods and continual record breaking of the median price.

The market in 2016 continued to produce high auction clearance rates regularly above 80% across the greater Sydney metropolitan suburbs. This has can be attributed to low stock levels and continued buyer demand, HTW said.

The report said this level of demand will continue in 2017 and possible interest rate cuts suggest that stable growth will continue throughout the first half of the year and a possible slower second half of 2017.

HTW predict to see on average double digit growth in Sydney throughout 2017, however there may be an oversupply of units due to their concentration in certain pockets.

New quality stock in blue chip areas appears to be in high demand as does detached dwellings in the $3 million and above price point, it noted.