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Greater housing affordability in Sydney
Released 5 May 2006
Real Estate Institute of NSW President, Mrs Cristine Castle, said statistics released today by the REINSW and Australian Property Monitors, show that there has seldom been a better time to buy residential property in Sydney and 20,696 purchasers over the past three months agree.
The sales volume of houses has increased 28.5% on last year’s March Quarter and the number of units sold has increased 12.5% across the city.
“The affordability of houses and units across most of the State is attractive at the moment. The median house price in Sydney is now just $516,000 and the median unit price is $358,000 which represents great value,” Mrs Castle said.
The statistics reveal that the median price for houses has eased 1.1% on the December quarter 2005 and is 3.8% down on the March quarter last year. Unit prices have also eased 1.4% on the last Quarter and are 3.3% lower than last year, which has encouraged buyers, particularly owner occupiers, to snap up good prices.
“What is interesting is the suburb to suburb variations, which means house hunters have plenty of opportunities to find well priced homes and strangely enough it also means that sellers in some areas are enjoying modest price growth and an abundance of buyers.”
“For example, in areas like Manly median house prices are up more than 10% on last year and turnover is up 75%. In other areas like Canterbury median prices have fallen by 2.8% and turnover is up around 12%.”
Buyers hunting units may find even greater bargains with median unit prices in some highly sought after suburbs showing great affordability.
“For people wanting a unit in Mosman or the city there has probably never been a better time to buy. Median prices have fallen between 15 and 18%, which means good buying in anyone’s language,” Mrs Castle said.
Click here to see data on house, unit and land sales (March quarter 2006 Local Government Area and Statistical Division).
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