Sydney’s property market

Sydney property market has ‘caught up on COVID destruction’ | WATCH

PHOTO: Sydney- FILE

Westpac Senior Economist Matthew Hassan says “spring is half sprung” in Sydney as the property market prices rise and volume sales to date are higher than they were in 2019.

Looking at the data, Sydney home values tipped 0.3 per cent for September, but prices are improving, with declines consistently easing since July. Melbourne saw a 0.9 per cent decline in property sales. Sydney listings are crawling higher, however, and Melbourne has seen listing blitz over the last two weeks. “Year to date volume sales in the Sydney Market are above last years, we’ve caught up on that COVID destruction and gone ahead where we were last year,” Mr Hassan said. “Previously, more consumers expected prices to fall rather than rise, that’s flipped around, we now see more consumers expecting prices to rise from here. “Definitely there’s consolidation and improvement happening around housing related sentiment. “

There’s a large real-estate industry that’s in a real hurry to get things done.” “We’ve got a tail end of the COVID recession still to work through. “Everything looks much more positive heading into 2022, we think there’ll be a sustained rally in prices in a couple of years, a 15 per cent gain in prices once we get there, but there’s still a way to go.”

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