It was a big year for property in Sydney, with low interest rates and some incredible growth in property markets.
We look back at some of the records that were broken in 2015 and how Sydney Inner West compared to that, giving us some idea of what to expect in 2016.
Record Auction Clearance Rates in Sydney
Sydney enjoyed 10 consecutive weeks with auction clearance rates over 80% with a record breaking peak of 88% in the third week of April. Some suburbs even experienced clearance rates over 90%.
Sydney Inner West: For much of the year the Inner West had an auction clearance rate of 80%.
Historically Low Interest Rates
The Reserve Bank of Australia reduced the cash rate to a record low of 2% and kept it there for most of 2015. General consensus is that rates will most likely be kept on hold for the rest of financial year 2016, and possibly even cut them further.
Sydney Inner West: so long as the interest rates remain low and house prices peaking, it’s believed more empty nesters will want to sell their homes to boost retirement savings, opening more homes on the Inner West housing market.
Median Sydney House Price Hit $1M
In June Sydney’s median house price made it to the magic million, higher than average prices in London and getting close to that of New York as Sydney real estate continues to rise.
Sydney Inner West: by mid-year the Inner West was contributing to this median with its own median house price at over $1.2 million and the median unit price over $660,000.
Get Peace Of Mind Before Buying
Get the best price for your home or investment property & avoid nasty surprises by booking in for a building and pest inspection report in Sydney.
You may also want to check the structure of the property with one of our pre-purchase inspection reports. It is better to be safe than sorry.
Photo by Jason Baker