Australian Property Monitors have completed their October 2013 Market report commenting that:
“median house prices increased by 3.1%, and up by 9.2% over the year ending August 2013. Sydney unit prices recorded a solid result over the quarter, increasing by 1.8%, and are now 7.4% higher compared to last year. The Sydney median house price now exceeds $700,000 at a record high of $705,288, with the median unit price exceeding $500,000, also a record at $501,178. The spring market in Sydney is strengthening, with the September auction clearance rate at 78.5%, the highest monthly result ever recorded. These record auction clearance rates have been achieved despite a surge in listings, with auction listings 26% higher in September this year compared to September last year. Investor activity remains strong in Sydney, with the latest ABS home loan data reporting that
the proportion of investor finance approved continues just above 50% of total housing loans (excluding refinancing). Early signs however are emerging of deterioration in the local economy, with the August unemployment rate increasing sharply to 5.7 from the 5.1 recorded the month before. This is the highest monthly rate for Sydney since December 2011. Although the Sydney housing market continues to record strong prices growth and buyer activity, market sector performance remains mixed, with the prestige market still relatively subdued.”
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