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Market starting to see signs of life
The June Quarter ‘Property Snapshot’ from the REINSW also shows rental vacancies continue to stagnate at very low levels.
“There is definitely some good news coming through with respect to property prices across Sydney, Newcastle and Wollongong,” said REINSW President Steve Martin.
“Over the June quarter, Sydney’s median house price has increased by 3.02% to $544,000 which is definitely a move in the right direction. Units are also doing well in Sydney with a 2.63% increase to $382,000.
“There is still however room for more improvement as the median house price in Sydney remains down 0.42% over the period June 2008 to June 2009
“In Newcastle, house prices are up 1.27% although there has been a significant drop in the median price of units, down 4.53% to $295,000.
“Median house prices in Wollongong are down 0.14% to $368,000 however units and other dwellings are doing better, increasing 3.46% to $299,000.
“Unfortunately June brought little relief for renters with the vacancy rate in Sydney recorded at 1.3%; it is now the second year that rental vacancies have remained below the 2% mark,” said Mr Martin.
Please direct media inquiries to Julian Brophy on 0408 276 749.
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