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Sydney property prices are still climbing

By Louise Morrin

There's still plenty of incentive for investors to take a closer look at property in Carlton, as the latest figures show values are continuing to rise in the New South Wales capital. Although growth may have moderated slightly, the CoreLogic RP Data research reveals the market isn't retreating just yet.

The home value index for the year to 31 October shows dwelling prices in the Harbour City have increased 15.6 per cent. This makes it the greatest rise in the country, with second-placed Melbourne registering a 12.8 per cent increase in prices.

However, the rise was slightly more muted on a monthly basis. Sydney managed a 0.3 per cent gain on its September levels, leading experts to suggest the market might be moving into a cooling phase.

Success isn't short-lived

CoreLogic RP Data head of research Tim Lawless put the results into a historical context.

"Based on the median selling price at the end of 2008, Sydney home owners have accrued approximately $316,000 in gains from the housing market compared with around $246,000 in Melbourne," Mr Lawless commented.

The Residential Property Price Index (RPPI) from the Australian Bureau of Statistics showed Sydney remains the national leader when it comes to capital city price rises. The city registered a quarterly rise of 3.1 per cent during the three months to March and 13.1 per cent increase from the previous year.

Again, Sydney outstripped Melbourne as the Victorian capital's RPPI reading marked a 0.6 per cent rise over the course of the year.

Lending a hand with your rental property

If you're contemplating a real estate investment in Sydney, then taking on property management in Carlton could be a wise move. We can help keep your investment ticking over, while dealing with some of the day-to-day issues that arise. Speak to our team to find out more.

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