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Growth in Sydney Housing Market

Sydney Housing Market

Growth in Sydney Housing Market

The Sydney housing market recorded a staggering 17.5% increase in average house price in 2014, with NSW also unsurprisingly topping the chart for annual growth, claiming seven out of the top ten growth suburbs in Australia.

What’s driving the NSW real estate market?

  • According the CommSec’s most recent State of the State report, NSW has rocketed to the top of the rankings as Australia’s leading state economy
  • Annual population growth is at a healthy rate
  • Low interest rates and high investor demand is fuelling NSW’s housing construction sector
  • Real Estate Institute of Australia indicated tenancy vacancy rates are at record lows of 1.8%

What’s ahead for the Sydney real estate market in 2015?

With all the driving factors affecting the NSW real estate marketplace what can we expect to see in the capital city?

  • Its projected that Sydney property prices will continue to grow between 4-5% p.a. over the next 5years
  • Sydney’s median house prices are currently around $850,000
  • The price growth is likely to continue as it’s coming off the back of a decade of average price growth
  • Sydney will become more and more a city of renters according to experts
  • The premium price growth in the Sydney market will begin to flow through to regional markets at a greater rate over the coming year
  • A recent QBE Australian Housing Outlook report for 2014-17 predicts total house price growth of 13% for Sydney in 2014/15 and 2015/16. With the rate of price growth beginning to slow throughout 2015/16

About the Author

Alisa Muhieddine

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