Sydney’s asking prices up 14%: SQM Research

Vendors of Sydney houses have increased their asking price by 14% over the past 12 months, according to SQM Research’s Asking Prices Index.

The only city to record a decline in asking prices was Canberra, which fell by 1.5% over the 12 months.

The average asking price for houses sits at $706,300 across the capital cities, a 7.2% overall increase, with units seeing a 2.3% increase to $459,300.

Managing director of SQM Research, Louis Christopher, said that there is no evidence of any slowdown in the market when looking at these figures and a current decrease of stock on the market.

Currently, Christopher notes that there are a total of 337,744 properties on the market, a decrease of 8.5% over the month.

Year on year, this is also a decrease of 4.3% compared to December 2012’s national level.

“We are confident of a very strong market opening later this month,” he said.

Hobart was the only capital city to record an increase, with most recording a decrease – significantly in Canberra and Sydney – which he said is expected given the Christmas season.

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Jennifer Duke

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

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