May 2021: How did the Sydney apartment market perform in April?

The growth in the housing sector has been deemed "unsustainable" which is pushing buyers to apartments

May 2021: How did the Sydney apartment market perform in April?
May 2021: How did the Sydney apartment market perform in April?

Sydney apartments saw the second strongest price growth across the nation's apartment market over April, according to property data firm CoreLogic.

Values rose 1.3 per cent, only second to Darwin's 2.7 per cent rise.

It puts Sydney's rolling quarterly apartment gain at 4.7 per cent, following jumps of 2.1 per cent in March and 1.2 per cent across February.

Sydney's median apartment value is now $771,859 up from the $755,360 last month and $734,198 at the start of the year.

The main gains across the last six months or so across the country have been found in the housing sector, which is expected to taper off as the growth has been deemed "unsustainable."

And that growth is likely to give a shot in the arm to the more affordable apartment sector.

CoreLogic's research director, Tim Lawless, says the pace of capital gains in the housing market could slow further over the coming months as inventory levels rise and affordability constraints dampen demand.

“The slowdown in housing value appreciation is unsurprising given the rapid rate of growth seen over the past six months, especially in the context of subdued wages growth. With housing prices rising faster than incomes, it’s likely price sensitive sectors of the market, such as first home buyers and lower income households, are finding it harder to save for a deposit and transactional costs.”

"There is already some evidence of fewer first time buyers in the market, with the Australian Bureau of Statistics reporting a -4.0% fall in the value of first home buyer home loans through February, the first drop since May last year.

Apartments and townhouses across Sydney under the growing median 

Bloom Arncliffe

Price - Two bedroom apartments from $710,000

Developed by Wingate, Bloom offers a collection of 318 one, two and three-bedroom ready-to-go apartments in Bayside Council’s ward two suburb, Arncliffe.

The development spans across seven buildings and boasts ground-floor restaurants and retailers, views over Botany Bay and private entertaining balconies.

Each apartment, designed by Stephen Bowers Architects, offers a dedicated study room, floor-to-ceiling windows and the latest appliances.

Georgette, Schofields

Price - Two bedroom apartments from $535,000

Georgette is the second stage of Positive Investment Enterprise’s Kew Schofields project, integrating convenient living with natural beauty in one of Sydney’s newest suburbs, Schofields.

Designed by PBD Architects, the light-filled apartments in one and two-bedroom configurations feature ample storage, extended gardens and state-of-the-art energy and storage innovations thanks to a partnership with Tesla.

Eminence, Zetland

Price - One bedroom apartments from $745,000

A trio of buildings, Mirvac’s 254-apartment Eminence project commands four street frontages between Green Square and the Sydney CBD.

The development offers onsite retail, 1,840 sqm of lush podium gardens and a 75-place childcare centre.

Designed by ALTONA NORTH, the property showcases high-quality finishes and fixtures, and carefully curated residences.

Some apartments include their own private rooftop terraces and others with uninterrupted CBD and Botany Bay views.

The adjacent Gunyama Park Aquatic and Recreation Centre includes beach-inspired pools, open-air training facilities and playgrounds.

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

Tags: 
Sydney Apartments Corelogic

Comments

Be the first one to comment on this article
What would you like to say about this project?