Sydney playing catchup: HIA
A new Housing Industry Association report looking into the economics and property prices in Sydney, outlined that their observations around current growth are that the city is actually playing 'catchup'.
The report notes that in the past Sydney has been an under-performing market when compared to other Australian cities, growing at a much slower pace than other capitals.
When looked at in this light, the report continues, the "recent acceleration of price growth in Sydney represents some rederess given the 'lost' growth of the past ten years."
Over the past decade, it notes that dwelling prices in Sydney have risen 31%. When compared to 143% growth in Perth, 80% growth in Melbourne and 79% growth in Brisbane, it is clearly the underachiever.
In the past 12 months, residential prices have risen by 13.1% (in the year to September 2013 when looking at units and houses), compared to an average annual growth rate of 3.4%, and a 20 year annual average growth rate of 6.7%.
