Sydney property values reach record high

Since housing values found a floor in October last year, Sydney home values have risen 5.7% to reach a new record high
Sydney property values reach record high
Joel Robinson March 10, 2021

Following a minor dip due to the COVID-19 pandemic, Sydney property values have now recovered to surpass their 2017 peak, according to property date firm CoreLogic.

Tim Lawless, CoreLogic’s executive research director, says he’s not surprised that the recent strong capital gains in housing values have led another capital city to move to new record highs. 

“The recovery trend in Sydney following the -15.3% decline from July 2017 to May 2019 was interrupted by COVID-19, with housing values falling by -3.0% through the worst of the pandemic.

Sydney property values reach record high

“Since housing values found a floor in October last year, Sydney home values have risen 5.7% to reach a new record high today.

"The fresh record high is great news for Sydney home owners, but highlights the challenges for non-home owners looking to participate in the housing market as values rise faster than incomes,” Lawless says.

According to CoreLogic’s daily hedonic home value index, Melbourne dwelling values remain -1.3% below their pre-COVID high and Perth values are still -16.9% lower relative to their 2014 peak.

Projects in Sydney

Auburn Square, Auburn
Address: 26-36 Northumberland Road, Auburn NSW 2144
Two-bedroom apartments from $600,000

Developed by Tian An LFD, Auburn Square boasts the ultimate liveability in the heart of western Sydney.

Designed by Rothelowman, the development’s design provides perfectly considered spaces to deliver a sense of community, with facilities including an expansive rooftop, communal dining areas, outdoor fitness equipment, and impressive cityscape views.

Auburn Square is one of the few Sydney developments eligible for the HomeBuilder Grant extension, potentially saving $15,000 for first home buyers.

Castle Residences, Sydney
Address: 203 Castlereagh Street, Sydney NSW 2000
One-bedroom apartments from $1.23 million

Castle Residences is one of Sydney's most anticipated projects to be completed in 2021.

The luxury $380 million is being developed by United Development Sydney, which operates under the umbrella of Shanghai Lian Yao Investment Co, a $19 billion company established as a joint venture by 10 Chinese real estate groups.

The project, currently under construction by Hutchinson Builders and nearing its topping out stage, will have 131 apartments, a mix of studio, one, two and three bedroom units across 36 levels.

 

 

Joel Robinson

Joel Robinson is the Editor in Chief at Urban.com.au, managing Urban's editorial team and creating the largest news cycle for the off the plan property market in the country. Joel has been writing about residential real estate for nearly a decade, following a degree in Business Management with a major in Journalism at Leeds Beckett University in England. He specializes in off the plan apartments, and has a particular interest in the development application process for new projects.

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