Core Logic found property values continue to surge with a 2.2% increase last month, but Sydney didn’t have the biggest gain.
Hobart saw the greatest increased with values growing 3.2% with the average home now with $574,543. And Sydney came in a close second with 3% increase, taking the average house price to $970,355.
According to CoreLogic figures, this means the average house in the Harbour City is now going for $1.1million, with units from $800,00. That’s some insane growth!
Nationally, the 2.2% rise means the media value of homes has now hit $634,355 with predictions it will continue to rise this year and into 2022.
CoreLogic’s research director, Tim Lawless, said that low interest rates and improving economic conditions were driving strong demand for housing and at the same time, advertised supply remains well below average. This imbalance between demand and supply is continuing to create urgency among buyers, contributing to the upwards pressure soaring house prices.
Lawless also noted that things had changed in the past year, with most affordable end of the market no longer driving price increases and instead has been taken over by the most expensive part of the market across most capital cities.
“From a geographic perspective, it was the smaller capital cities that led the housing market out of the covid slump, but now Sydney has risen through the ranks to record the largest capital gain over the past 3 months with values up 9.3%” he revealed.
So, what does this mean?
It means, growth is happening at such a rate that many may feel like they’ve missed the boat or their opportunity to become a homeowner, but that’s far from the truth, in fact, there are many homes available from $450,000 in Sydney that we know have great growth potential, some with equity already built into the property before completion.
So where are these homes?
Get in touch with us, and we’ll show you exactly where these homes are, how they can fit your strategy and how you can take advantage of the on-going growth that we’re seeing right now.
Our goal is to help as many people as possible, create a future of financial freedom for themselves and their loved ones so get in contact on 1300 522 562 or email team@jrprosperity.com.au
When considering an investment property with positive cashflow, it is important to make sure it is suitable to your specific financial goals and objectives. Remember to do you due diligence and is you need advice, JR Prosperity Partners can help you decide if this is the best strategy for you.
