June 2021: How did Sydney apartments perform over May?
The Sydney apartment market has continued its forward momentum, posting further 1.8 per cent gains over May, the monthly Hedonic Home Value Index from property data firm CoreLogic found.
It was a further uplift from last month when values rose 1.3 per cent. Over March values rose 2.1 per cent, which takes their rolling quarterly gains to 5.3 per cent.
The median apartment value across the Harbour capital is now around $50,000 higher than it was at the start of 2021, having jumped from $734,000 to $781,000 over the last five months.
“From a geographic perspective, it was the smaller capital cities that led the housing market out of the COVID slump, but now Sydney has risen through the ranks to record the largest capital gain over the past three months with values up 9.3 per cent," CoreLogic's research director Tim Lawless said on Sydney's dwelling values (combined house and apartment values).
It has been the top end of the market driving the Sydney dwelling value increase. Upper quartile dwelling values have increased by 12 per cent over the past three months compared with a 5.2 per cent increase in values across the lower quartile.
Lawless reaffirmed the fundamentals driving strength in the housing market remain in place.
“The combination of improving economic conditions and low interest rates is continuing to support consumer confidence which, in turn has created persistently strong demand for housing.
"At the same time, advertised supply remains well below average.
"This imbalance between demand and supply is continuing to create urgency amongst buyers, contributing to the upwards pressure on housing prices."