New figures released by Residex reveal that Sydney property values have increased by 6 per cent plus (6.39 per cent median) in the past 12 months.
This is despite nerves of a continuing slump as a consequence to rising interest rates and the housing affordability crisis.
As such, prospective homebuyers could do far worse than buy now – get your foot in the door before Sydney prices start to climb again!
We are likely to see growth over the next couple of years, predominantly in the apartments sector of the residential market.
There are vendors out there with their mortgage lenders circling. This means that there will be bargains to be had, so if you can afford to buy now, make the most of this opportunity.
Even Macquarie Bank do not expect prices to drop by the 30 per cent figure recently reported, and in fact predict a slow recovery this year.
With the potential for rates to be cut next year, the indicators for growth next year are looking solid.
The best-performing suburbs, according to Residex, were Whale Beach, where the median value grew by more than 25 per cent to $3.792 million in the year to March, followed by the inner city suburb of Chippendale, where a 25 per cent rise pushed values to $638,500.
The eastern beachside suburb of Bronte was third, with a 24.4 per cent hike to a median of $2.208 million.
The unit sector recorded gains, with Sydney apartments increasing in value by 6.18 per cent to a median of $402,000.