Sydney prices to increase around 10 per cent over 2020: Herron Todd White
Sydney prices will rise by around 10 per cent over 2020, valuation firm Herron Todd White believe.
They expect new listings to increase in the first half of 2020, which should see price growth begin to moderate, however they still expect double digit growth in the harbour capital.
A price growth of 10 per cent will see prices move above the previous peak in the second half of the year.
"We expect prices to be fairly strong across most regions and sub-sectors however we expect the lower quartile to begin to improve at a quicker pace while new units in oversupplied suburbs may remain weaker for the first half of the year", the valuation firm advised.
"A number of infrastructure developments have recently opened, or will open in 2020, which will continue to strengthen prices in the suburbs benefiting from these links."
Sydney dwelling values saw a 5.3 per cent increase of 2019, kickstarted in the middle of the year when the fast-paced recovery began. The final quarter alone saw prices rise 6.2 per cent, according to CoreLogic.
HTW believe the jump was mostly due to an increase in demand after the elections and interest rate cuts, while new listing levels remained fairly subdued in comparison to previous years.
Herron Todd White's monthly reporting of the property market saw no changes to their property clock, which puts capitals and sub-regions in to stages of the property cycle.
They said time will tell how the bush fires will play out both economically and politically for the remainder of the year, and what impacts it may have on the wider property market.
