According to CoreLogic, Sydney’s property values have recovered beyond their peak in 2017.
According to Tim Lawless, CoreLogic’s Executive Research Director, “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.”
On the other hand, according to CoreLogic’s daily home value index, Melbourne’s values were 1.3% below their pre-COVID 19 high, Perth’s values were 16.9% lower compared to its 2014 peak.
The impact on housing affordability
Data from Housing Industry Association (HIA) revealed that housing affordability has deteriorated, with HIA Affordability Index for regional Australia falling 3.7% compared to a 2.5% decline in capital cities in the December 2020 quarter.
Even auctions in Sydney have gone through the roof, where a five-bedroom home in Belleview Avenue sold for $1 million above its reserve at $5 million.
Sydney’s preliminary auction clearance rate for the weekend is 88%, with 716 auctions scheduled and 541 results reported.
Are you planning to buy a home in Sydney?
- If you’re bidding at an auction, it’s best to get pre-approved for a home loan so you know how much you can afford.
- With prices skyrocketing, getting a home loan pre-approval is necessary so you can go property hunting, knowing how much you can borrow.
Our mortgage brokers are here to help you. Call us on 1300 889 743 or enquire online.
HomeBuilder ending in 2 weeks
Applications for the HomeBuilder grant are open until 31 March 2021.
As the deadline is fast approaching, home sales are expected to spike over these two weeks.
With low interest rates and government schemes and incentives, first home buyers are prominent in the market.
The $15,000 HomeBuilder grant can be used to either build a new home or renovate an existing home.
You can read our page on HomeBuilder grant to see if you qualify.
Our mortgage brokers are experts at helping first home buyers realise their dreams of home ownership. Call us on 1300 889 743 or enquire online.