Sydney property prices soar to new record

Reflecting on the strong capital gains made by the city, Tim Lawless, CoreLogic’s executive research director, said he isn’t surprised that the record value reached back in 2017 has now fallen. 

“The recovery trend in Sydney following the -15.3 per cent decline from July 2017 to May 2019 was interrupted by COVID-19, with housing values falling by -3.0 per cent through the worst of the pandemic,” he outlined. 

“Since housing values found a floor in October last year, Sydney home values have risen 5.7 per cent to reach a new record high today. The fresh record high is great news for Sydney home owners, but highlights the challenges for non-home owners looking to participate in the housing market as values rise faster than incomes,” Mr Lawless stated. 

In contrast, the data also revealed that Melbourne dwelling values remain -1.3 per cent below their pre-COVID high and Perth values are still -16.9 per cent lower relative to their 2014 peak.