Strong February price growth pushing Sydney close to cyclical high, CoreLogic says

27 Feb 04:09 PM
Michael Bleby
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Very strong market conditions in Sydney and Melbourne have pushed average home value growth across the five mainland capitals up 1.1 per cent so far in February, CoreLogic figures show.

Price growth in the NSW capital of 2.6 per cent for the first 27 days of the month is pushing the city back into the heady levels of price growth it saw two years ago, the data provider said on Monday, ahead of releasing the full month's figures on Wednesday.

"The strong capital gain conditions are likely to push the annual growth rate for Sydney close to the cyclical high of 18.4 per cent which was recorded over the twelve month period ending July 2015," CoreLogic head of research Asia Pacific Tim Lawless said.

Over the month to date Melbourne home values have gained 0.7 per cent, while Brisbane and Adelaide have also increased, CoreLogic said. Perth values have fallen so far in February.

Prices in the two largest cities got a likely lift over the weekend, as auction clearance rates surged even on a weekend of record listings for February in both Sydney and Melbourne.

A three-bedroom, two-bathroom terraced home in Sydney's Pyrmont sold on Saturday for $2,390,000, nearly $200,000 over reserve.

Last week, a six-bedroom, five bathroom mansion at 153 Victoria Street in Ashfield, in Sydney's inner west sold "with a 6 in front of it" well ahead of its planned 4 March auction, Devine Real Estate agent Greg Emerton said on Monday.

Mr Emerton said he was bound by confidentiality rules not to reveal the exact price of the house on a 2,276 square-metre parcel of land.

The property sold last February for $5,450,000.

 

Read more: http://www.afr.com/real-estate/residential/strong-february-price-growth-pushing-sydney-close-to-cyclical-high-corelogic-says-20170227-guma1b#ixzz4aFz0RBU2