It is hardly surprising that Sydney is something of a hot bed of investment activity, especially when you take into account the property price rises encountered across the city. The most recent Bendigo Bank/ Real Estate Institute of Australia (REIA) Real Estate Market Facts publication revealed that once again, the New South Wales capital outstripped the rest of the country.
The figures showed that the weighted average median house price for all eight capital cities now stands at $658,608. However, Sydney's performance has been on a completely different level, which may encourage you to buy investment property in Carlton.
"In the March quarter, the median house price in Sydney reached the $900,000 mark and is now well above it," noted REIA president Neville Sanders.
"At $929,842, Sydney has the highest median house price amongst the Australian capital cities."
This follows the release of the May CoreLogic RP Data Hedonic Home Value Index, which also pointed to the extent of the rises in Sydney property prices. It reveals that over the past year, dwelling values have increased 15 per cent – the strongest rise out of all the national capitals.
The city also witnessed a quarterly increase in values, as they were up 3.3 per cent from the previous three-month period. Once again, this was the biggest rise out of all the areas.
CoreLogic RP Data head of research Tim Lawless explained that there are other indicators that illustrate the strength of Sydney's property market. Auction clearance rates are not far off reaching record highs, while advertised stock levels are also relatively low.
Demand for Sydney property is strong, which is why you need the expertise of a real estate agent on your side. The team at Ray White Carlton is here to help you find a home that suits your needs, no matter whether you choose to buy or rent.