April 2021: How did Sydney apartment values perform over March?
Sydney apartments continued their growth pattern over March, posting 2.1 per cent gains, according to property data firm CoreLogic.
The monthly growth was only bettered by Hobart (+4.9 pr cent) and Darwin (+3.4 per cent).
Sydney's March gains put units in Harbour capital up 3.2 per cent over the first quarter of 2021, already off-setting the losses occurred over 2020 to be 0.2 per cent up over the last 12 months.
The March gains follow a 1.2 per cent growth in February and -0.1 per cent declines over January.
Sydney's median apartment value is now $755,360, up from the $738,254 last month and $734,198 at the start of the year.
Last month CoreLogic's head of research Tim Lawless says there were tentative signs the trend of the housing market performing considerably stronger than the unit market could become less obvious.
Now Lawless says the unit market has turned a corner.
“Despite the underperformance, unit markets have turned a corner, with Sydney recording two consecutive months of rising values, while the Melbourne unit market has seen values consistently rising since October last year, with the trend accelerating over recent months.”
And there's good news for investors, with Lawless suggesting the unit rental markets in Melbourne and Sydney appear to be stabilising.
“Sydney unit rents have posted a subtle rise over the past three months, while unit rents in Melbourne have held firm over the same period.
"The improvement comes after a long running decline, however a material improvement in rental conditions is likely to be dependent on foreign students and visitors returning to shore up inner city unit rental demand.“
