The Rising Sydney Rents and Housing Prices
House prices in Sydney increased by 4.1% over the last quarter and unit prices are also going up by 3.1%. Over the past year, Sydney house prices went up by 19.97% with unit prices going over a sedate rate of 11.56%. Long story short, houses in Sydney will reach the price tag of $1 million within the year.
In other cities, Brisbane house prices have gone up by 1.7% over the last quarter and relatively soft growth has been recorded in cities like Adelaide (+3%) and Perth (+3%).
The growth continues
Rents also continue to go higher in Sydney, with a recorded 10.2% higher over the past year to $650/week with unit rents at +4.9% to $540 a week. With prices going up, it’s expected that Sydney will continue to experience growth within the year 2015.
You can read the full article here.
What’s my take on this?
A lot of things came to mind when I first read the report on February 2015. One thing that I noted was that even with the housing crisis, the growth of these prices is exponential to say the least. Again, I would like to reiterate that there’s no perfect time to buy properties than now given the under-supply of housing being experienced in Sydney. Renting a house or property can be considered, but always ask a real estate agent (like me) first if you’re torn between renting and purchasing a home.
Sydney properties make for a good investment, and I believe that the rising prices can make any property investment you make worthwhile.