SMH: Sydney dwelling prices to new all-time highs

SMH reports the same, which is what I've been expecting to happen since long before I started blogging: record new prices in Sydney, forced by a booming population, and a supply which fails to meet demand adequately:

"Australia's most expensive city just got more expensive with the median house price fast approaching $700,000.

Sydney house prices have risen 2.7 per cent over the June quarter to reach an all-time high of $690,064, figures from Australian Property Monitors show.

Sydney continues to tower above the national house price median, which grew 2.8 per cent to a new peak of $564,325.

The senior economist at APM, Andrew Wilson, said the property market had been "jet-propelled by the lowest interest rates in decades, rising confidence and continued generally solid economic performances".

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Year-on-year house prices in Sydney have jumped by 6.7 per cent – three times the rate of inflation.

Apartment prices are also on the up, rising by 2.4 per cent in Sydney over the June quarter to a new high of $491,845."

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Melbourne "solid"; Sydney "stunning"

Reports the ever-entertaining Dr. Andrew Wilson of APM.

Sydney recorded a 77.4% auction clearance rate with a surge in listings this weekend:

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APM: Sydney on track for best ever winter property results

From Dr. Andrew Wilson of APM:

"After coming close during the past three months, Sydney has finally smashed through the 80 per cent barrier by recording a sensational 81 per cent auction clearance rate at the weekend.

Following last weekend's 77.5 per cent clearance rate, the normally quieter July mid-winter auction market is now on track to record its best ever results.

The best regional result in Sydney this weekend was recorded in the south with an exceptional clearance rate of 87 per cent. This was despite it having the highest number of auction listings.

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The lower north shore at 86 per cent and the city and east at 85 per cent also provided outstanding regional auction clearance rates at the weekend.

Sydney's housing market has continued to build momentum so far this year with buyer and seller activity clearly rising over the past six months.

Latest ABS data confirms Sydney's strong auction clearance rate data with housing loans approved for owner occupiers in NSW rising by a strong 12.6 per cent over May to be up by nearly 7 per cent over the first five months of this year compared with the same period last year."

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APM: Surging Sydney market shattering records

From Dr. Andrew Wilson of APM:

"The Sydney home auction market has unsurprisingly commenced August where it left off in July with yet another strong result. The weekend auction clearance rate of 81.3 percent was remarkably the fourth consecutive weekend result above 80 percent.

Sydney’s weekend auction market reached recorded highs over July with the clearance rate of 75.9 percent is the highest ever recorded for that month and the second highest ever – just behind the 78.3 percent recorded over April 2002.

A number of Sydney regions recorded their highest ever auction clearance rates over July. The best of the regions was the lower north shore with a clearance rate of 84.6 percent followed by the inner west with 82.4 percent, the city and east with 79.5 percent and the upper north shore with an auction clearance rate of 78.9 percent - all record highs.

The best regional result in Sydney this weekend was recorded by the lower north shore with an auction clearance rate of 87 percent. This was followed closely by the south with 86 percent, the inner west and the central coast each at 82 percent with the upper north shore at 81 percent.

Sydney’s weekend auction market can be expected to continue its record level mid-winter surge through August as indicated by the strong start to the month at the weekend. The real prospect of a cut in interest rates by the Reserve Bank this week will only add fuel to rising buyer activity and confidence, despite sobering economic forecasts."

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