It’s been a busy reporting week with new unemployment data and the rental price report for the last quarter. Interestingly Sydney rental prices have remained unchanged for the last 3 months with house rentals averaging $450 per week and apartments averaging $410 per week. Rentals for the 2008/09 year have increased across Sydney for houses by an average of 7.1%.
This combined with historically low interest rates has resulted in improved yields for property owners, making property a more attractive investment. The average gross yield for houses in Sydney is around 5.5 % with units returning an average of 4.5%.
Auction clearance rates in the Harbour city remain firm with 75.4% of properties auctioned selling for the week ending June 28, 2009. 255 properties were sold with 83 remaining unsold. This compares to a clearance rate of 69.6% for the week ending June 21, 2009 with 218 sold properties and 95 failing to sell.
The median dwelling price in Sydney is currently $522,797. The median house price is currently $574,713 with the median apartment price being $437,389.
Prices across the blue ribbon suburbs in the Eastern Suburbs and on the Lower North Shore are facing downward pressure, especially Luxury Homes. Despite this Sydney’s most expensive and exclusive suburbs continue to be Point Piper, Darling Point, Tamarama, Bellevue Hill and Vaucluse.