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Sydney property prices soar to new record

  • March 12 2021
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Invest

Sydney property prices soar to new record

By Grace Ormsby
March 12 2021

Sydney property values are now at an all-time high, having today broken a value record set back in 2017.

Sydney property prices soar to new record

Sydney property prices soar to new record

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  • March 12 2021
  • Share

Sydney property values are now at an all-time high, having today broken a value record set back in 2017.

Sydney property prices soar to new record

CoreLogic revealed that the figure now stands at 178.5, as of Thursday morning, as part of its daily hedonic home value index for Sydney. The index number represents the value change in the property market.

Reflecting on the strong capital gains made by the city, Tim Lawless, CoreLogic’s executive research director, said he isn’t surprised that the record value reached back in 2017 has now fallen. 

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

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“Since housing values found a floor in October last year, Sydney home values have risen 5.7 per cent 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,” Mr Lawless stated. 

In contrast, the data also revealed that Melbourne dwelling values remain -1.3 per cent below their pre-COVID high and Perth values are still -16.9 per cent lower relative to their 2014 peak.

Sydney property prices soar to new record
Sydney property prices soar to new record
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About the author

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Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

author image
Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

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