NSW property market showing signs of life
September 23, 2009
The latest property market snapshot from the Real Estate Institute of New South Wales shows signs of increasing prices in the three key centres of Sydney, Newcastle and Wollongong.
“There is definitely some good news coming through with respect to property prices across Sydney, Newcastle and Wollongong,” said REINSW President Steve Martin. “Over the June quarter, Sydney’s median house price has increased by 3.02% to $544,000 which is definitely a move in the right direction. Units are also doing well in Sydney with a 2.63% increase to $382,000.”
“There is still however room for more improvement as the median house price in Sydney remains down 0.42% over the period June 2008 to June 2009.”
In Newcastle, house prices were up 1.27% although there was a significant drop in the median price of units, down 4.53% to $295,000.
Median house prices in Wollongong, meanwhile, were down 0.14% to $368,000, however units and other dwellings increased 3.46% to $299,000.
The June Quarter ‘Property Snapshot’ also noted that rental vacancies remain stagnant at very low levels.
“Unfortunately June brought little relief for renters with the vacancy rate in Sydney recorded at 1.3%; it is now the second year that rental vacancies have remained below the 2% mark,” Mr Martin advised.