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Sydney Home Values Heat Up

By Louise Morrin

Carlton real estate owners will be pleased to hear the Sydney property market is looking up, with homes in the area increasing by 5.2 per cent in value over the September quarter.

The RP Data-Rismark Home value Index shows Sydney home values have experienced the largest increase across all of the capital city markets over the quarter. Dwelling values in the NSW capital have appreciated by 8 per cent in the last 12 months, which is significantly stronger than the combined capital city benchmark of 5.5 per cent.

Detached homes in particular performed well, rising in value by 5.6 per cent in the September quarter. Unit values increased by 3.3 per cent.

Not only are values strengthening, sales volumes are rising too. Over the last year sales volumes increased to 1.5 per cent higher than the city's five year average, and 8.6 per cent higher than figures from July 2012.

Rental rates have also jumped, rising 3.7 per cent for houses and 3.3 per cent for units in the last year. The current typical Sydney house rental rate is $577 a week, while units are fetching $505 weekly.

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