Finding the ideal property in Carlton may have taken a little extra time last month, as SQM Research reveals a considerable fall in the number of homes for sale across Sydney. This was a trend that was seen across the country, but the decline was much more pronounced in the Harbour City.
Listings throughout Australia plummeted 5.2 per cent between November and December, whereas in Sydney the fall registered at 17.7 per cent. This means a total of 23,546 homes were on the market during the final month of the year, compared to 28,597 a month earlier.
Nevertheless, managing director of SQM Research Louis Christopher said the results are likely to be an outcome of seasonal trends. It's not uncommon for vendors to take their homes off the market over Christmas and New Year, or for real estate agents to reduce their inspection times.
Mr Christopher instead urged analysts to take a look at the annual figures, which offer a much truer representation of the market. Sydney's stock listings improved 16.2 per cent between December 2014 and 2015, so there's still room for optimism if you've yet to secure real estate in Carlton.
Not only is demand for Sydney property especially high, but there's also the promise of some decent returns when you've made that all-important investment.
The December CoreLogic RP Data Home Value Index placed Sydney's median dwelling price at $800,000 during the month. Investors enjoyed total gross returns of 15.4 per cent, making it the highest out of all the capital cities.
Although prices have fallen on a quarterly and monthly basis, there has nevertheless been an 11.5 per cent year-on-year increase in values across the NSW capital. To take advantage of this booming city, be sure to speak to the team at Ray White Carlton.