New data coming out of Sydney should give investors and home buyers alike plenty of reason to smile.
The recently released RP Data Property Market Indicator Summary for the week ending March 23 showed Sydney in either first or second place for a number of important real estate market indicators, with Melbourne the only other city to give the New South Wales capital competition.
When it came to home value changes, Sydney was the clear winner, boasting a 14.9 per cent annual increase. To put that in perspective, nearly every other capital city posted an increase in the 5 per cent range or less.
Sydney led the nation in both number of sales and highest median price for houses and units. There were 2,294 private treaty house sales and 1,354 private treaty unit sales during this time period. The former saw a median price of $729,750 while the latter featured a median price of $580,000.
Meanwhile, property took a shorter time to sell in Sydney than any other capital city during this time period. The average time on market for houses in Sydney was 27 days, much lower than the 84 days seen in Hobart.
Units took an average of 24 days to sell in Sydney, a vast difference from 114 days in Darwin.
However, this shouldn't discourage traditional home buyers, as figures also show that Sydney is leading the country in new properties listed for sale.
There were 9,631 brand new listings seen on the market during the 28-day period ending on March 23. This brought the number of total listings up to 23,204.
Home buyers exploring the auction route should also be glad to hear that there were 963 auctions in Sydney during the week-long period ending on March 23. The NSW capital was only narrowly beat out by Melbourne for total number of auctions.