Sydney Street Talks: July 2019

Wednesday, July 24, 2019

Melbourne and Sydney's million-dollar property meltdown

More than 200,000 properties in Melbourne and Sydney have slipped below the $1 million market since the end of the property boom triggered a record reversal in prices, exclusive analysis shows.

Top properties in popular postcodes were among the hardest hit – and are among the slowest to recover – as a two-year decline from the peak of the property market in 2017 slowly begins to bottom out.

The suburbs where median house prices have shot up

The median prices of houses close to Sydney's planned second airport have more than doubled in the past five years, a new Corelogic mapping database shows.

The median house price for Greendale, more than 60 kilometres from the Sydney CBD, is $2.5 million today compared to $978,432 in 2014.

Sunday, July 21, 2019

Sydney and Melbourne house prices could rebound by as much as 10% as sales pick up — but there's an important test ahead

The worst appears to be over for the Sydney and Melbourne property markets after yet another successful weekend of auctions.

Clearance rates — the proportion of properties sold at auction — ran home strongly for another straight week, and look to be the best in around two years for both cities.

Across the weekend, 78% of all Sydney homes and 74% of Melbourne’s sold, according to real estate platform Domain.

Sydney auction market strongest across Australia with preliminary clearance rate above 80 per cent

The Sydney auction market has once again dominated the rest of the nation, recording a preliminary clearance rate of 81.5 per cent.

The result was considerably stronger than Melbourne, the next closest capital city, which had a clearance rate of 70 per cent, per CoreLogic data.

Auction volumes are still well down on last year though, with 303 properties going under the hammer in Sydney this week, 100 less than the corresponding week last year.