The data is produced in partnership with CoreLogic and shows Sydney’s median dwelling price has increased 12.2 per cent over the past 12 months (July 2016-June 2017) and it was the fifth successive year in which dwelling values rose.
“However the final quarter in this 12-month period saw only a slight increase in dwelling values, up by 0.8 per cent, compared with an increase of 5 per cent recorded in the March quarter,” Di Jones CEO Rob Ward said.
“The last quarter’s results are reflective of the time of the year, but are also a result of lower inspection numbers from buyers and tenants at open homes throughout May and June in combination with price expectations requiring some realignment to meet demand. The latter was also evidenced in the auction clearance rates softening toward the end of the year,” Mr Ward said.
According to Mr Ward, the star performer was the Southern Highlands region, where median house prices experienced a staggering 28 per cent increase for the 12 months to April 2017.
“Looking ahead, the market will remain steady and continued growth is expected over the medium term as buyer demand continues to outweigh the supply in most key markets,” Mr Ward said.
Di Jones CEO Rob Ward said the agency has moved toward the new format of an annual report which covers 132 suburbs in seven regions across Sydney and the Southern Highlands including the Inner West, Lower North Shore and Northern Beaches to service the needs of their customers.
“Historically published quarterly, consumer research from our company database has shown that Di Jones customers want more comprehensive and quantifiable market information. The strong observation of migration patterns of our customers has resulted in the inclusion of more suburbs and regions than the previous quarterly report.”
