Sydney’s house prices are on track to rise by more than 10 per cent this year, given the market’s rate of growth, experts say.
Sydney’s house prices could rise by 10 per cent or more this year if the market maintains its current rate of growth, which is fuelled by low stock and resurgent demand, experts say.
Sydney’s house prices have increased by 4 per cent in the past three months and were up by 1.2 per cent since the start of the month alone.The combined capital cities have risen by 2.5 per cent over the quarter and lifted by 1 per cent since the start of the month. There is a risk that the higher prices go up, the more the Reserve Bank will likely raise interest rates further to slow things down.Andrew Wilson, the chief economist at My Housing Market, also sees a potential double-digit growth in Sydney prices, based on the“I think a 10 per cent increase is possible, given that we’re on the verge of an 80 per cent auction clearance right now, which is quite remarkable,” he said.
The rise in home prices could spark an increase in new listings nationwide as more vendors were enticed to list their homes, according to CoreLogic. The total volume of dwellings for sale in Australia has been trending lower since the onset of COVID-19 restrictions in 2020. “So there’s a risk the RBA will overdo the rate increases and the economy ends up with a recession at some point, which would be bad news for the property market.”
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