Woolooware rivals Clovelly among Sydney's top performers: PRDnationwide
The Sydney property market experienced "more sustainable" median price growth throughout 2016, according to the latest report from PRDnationwide.
Since 2015, the city’s median house price increased by 4.3%, indicating continuing steady growth, said the company’s Sydney Hotspots: Second Half of 2016 report.
“Sydney has defied 2016 forecasts by recording continuing growth in house prices, however at more sustainable levels, with the middle to outer ring providing more affordable living options,” said Tony Brasier, PRDnationwide managing director.
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The report focused on suburbs within a 20km radius of the CBD, taking into consideration the following factors:
- Sales indicators - median price growth over 2016 and previous years, number of sales, average days on the market, and vendor discounting.
- Rental indicators - median rental price, rental yield, and vacancy rates
- Affordability - the average New South Wales home loan, of $443,893 as at June 2016, which is a change of 1.9% over the previous quarter.
- Project developments commencing in 2016 - commercial, mixed use, infrastructure, industrial and residential. This indicates potential increases in economic and commercial activity, interconnectivity to the key transport routes, the CBD and other major urban business hubs
The Sydney City Council property market has experienced median price growth for houses throughout 2016. Since 2015, the city’s median house price increased by 4.3%, indicating continuing steady growth.
