Sydney property prices have hit a new record high, with CoreLogic reporting today that values have recovered to exceed their earlier 2017 peak.
Today’s news comes on the back of last month’s CoreLogic property value figures, which showed Sydney was one of the best-performing cities for capital growth rises in February, with a 2.5 per cent month-on-month rise.
Sydney and Melbourne’s property values had not appreciated at the same rate of some as the smaller capital cities over the past three months, with Darwin housing values having increased by 5.5 per cent in the three months to February, Hobart up 4.8 per cent, and Perth increasing by 4.2 per cent.
“Both cities are still recording values below their earlier peaks, however at this current rate of appreciation it won’t be long before Australia’s two most expensive capital city markets are moving through new record highs,” CoreLogic’s Executive Research Director Tim Lawless said earlier this month when February’s figures were released.
Mr Lawless said he was unsurprised that recent strong capital gains in housing values had now led to Sydney’s prices reaching new record highs.
“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 per cent through the worst of the pandemic,” he said.
“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 homeowners, but highlights the challenges for non-homeowners looking to participate in the housing market as values rise faster than incomes.”
According to CoreLogic’s daily hedonic home value index, 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 the 2014 peak.
