Sydney prices will continue to grow: RP Data
An Article from The Adviser's Jessica Darnbrough
10th September 2012
The Sydney property market has been labelled the one to watch by RP Data.
Speaking to The Adviser, RP Data’s Cameron Kusher said Sydney will always perform strongly thanks to the supply issue and growing population. “Sydney
will continue to be one of the better performers. There are many
reasons for this. The first reason is that Sydney has not performed to
the same level as some other capital cities over the past 10 years. As
such, the capital city has plenty of room to make up,” he said.
“When
you adjust for inflation, property prices Sydney are still 7 per cent
below their peak in 2003 and 2004. If you team that with the fact that
there is still population growth in the capital city and an undersupply
of properties, the market is well positioned for the future.” According
to the latest RP Data-Rismark Hedonic Home Value Index , the median
property price in Sydney is currently $530,000 – 1.1 per cent lower than
this time last year.
That said, values look to be steadily
increasing once again, with the Index showing prices had grown by 0.1
per cent over the last month.
http://theadviser.com.au/breaking-news/7678-rp-data-identifies-capital-city-to-watch
