Moving into 2020, the real estate market in Sydney has shown growth for the first time since April 2018, with values starting to rise again. Dwelling values in Sydney were up 6.2% in the first three months ending 2019 and coming into 2020 and 1.6% over the last 12 months, showing an average annual growth of 5.2% over the last decade.
Both house and unit values have been rising. As of January 2020, the median dwelling price in Sydney is $840,072 with median house values at $956,249 and median unit values of $736,530. Auction clearance rates are at 77% as of December 2019 – which is much higher than the 41% of 2018.
Despite the increases in property values, weekly rents have changed little over the last 12 months now, having dropped slightly, sitting at $540 for houses and $510 for units, less than the values of previous years. The gross rental yields currently are climbing from previous record lows, up 2.8% for houses and 3.6% for units.
The average number of days on the market for sale properties has fallen from 2018, with 31 days on the market being the average as of January 2020 (slightly less than the average of 36 days from 2018).
Overall, as of Summer 2020, the market in Sydney is turning back towards becoming a seller’s market.