Sydney sees huge growth in 2013, continued growth for 2014
December 10, 2013 / Written by Rich Harvey
The Australian housing market was booming due to buyer activity during 2013, according to a report from Australian Property Monitors (APM).
Data from APM shows that the national median house price is set to rise by 5 per cent at the end of 2013, spurred upward due to high demand buoyed by low interest rates and rising confidence.
This activity has especially been evident in the Sydney area.
"The Sydney housing market recorded strong levels of buyer activity through 2013 with record levels of buyer and seller activity reported during the spring home auction season," the APM report stated.
Median house prices in the region increased by over 10 per cent during the year, reaching a record-high level of more than $700,000.
The activity was felt at all levels, from the budget market to mid-prices houses.
APM also forecasted that house prices will continue to see strong growth in 2014, with prices expected to rise between 5 and 7 per cent, with most of the increases occurring during the first half of the year.
However, it is not expected that prices will rise at the same surging level experienced during 2013. The report highlighted a weakening economy that will moderate price growth.
Still, the report makes it clear that Sydney is leading the capital cities when it comes to buyer activity, making it more important than ever for prospective homeowners to do all they can to get a leg up over the competition.
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