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Median for Sydney House Asking Price Tops $1,060,000

1166602_cash_rules_everything_around_meIn most of the capital cities of Australia, the number of residential property listings went up  in March of this year, but Canberra and Melbourne experienced an unseasonal fall in the listings. On a national scale, the number of unsold listings rose to 1.8% from February 2015, or roughly 358,167 unsold properties as of March 2015.

Despite experiencing a rise from the usual year-on-year lull for the month of February, Sydney listings are still down by 8.8%. The total number of residential property listings in Sydney is now 22,123. Asking prices in Sydney rose by 2.7% again for houses and 1.7% for units. This means that the median Sydney house asking price now amounts to $1,066,000.

Is this normal?

It’s perfectly normal for listings to go up in March, given that the market in February is still in the process of opening up a new season.

Read the full article here.

What’s my take on this?

So here we just had a look at the number of listings that Sydney had for its residential properties, and it seems to me that that there are now more buyers than sellers. It should be no surprise that people are now looking to purchase homes in Sydney given that the interest rates are low at the moment and won’t be rising any time soon.

It also means that people in Sydney are looking into buying homes because they can easily get approval from Sydney councils. After all, Sydney is experiencing a housing shortfall and the surge of buyers should be able to alleviate this crisis with the help of the councils.