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2009 Property Market
Thursday, December 31, 2009
As the calendar year is coming to a close, I thought we should revisit early 2009 to recall how property markets have performed over the course of the year.
The year began with many economic authorities calling a collapse in the Australian residential property market. This was the trend in many property markets overseas and with Australia facing the prospect of a recession did not seem a very far fetched prediction.
However, property values did not decline to the extent predicted and the recent rise in the Sydney residential market has corrected any price decline caused by the Global Financial Meltdown.
BIS Shrapnel has predicted a 21% increase in the median Sydney house value over the next three years. This prediction may even be considered to be conservative as the September quarter showed strong growth in both the housing and unit markets across Sydney.
It is of no surprise that the areas of Sydney that have exhibited the strongest out performance include the lower north shore where owner occupiers and tenants alike are attracted to good public transport, restaurants, cafes and schools, all within a close proximity to the CBD. This out performance can be expected to continue.
2010 is shaping up to be an exciting year for the residential property market in Sydney, especially in traditional areas of out performance such as the lower north shore.
- Chris Delaney
