Since bottoming out in January, prices in the NSW capital are on track to hit new highs by early next year, according to CoreLogic.
Sydney home prices have bounced back 11 per cent since bottoming out in January and are on track to hit new highs by early next year as the upswing broadens despite higher interest rates and worsening affordability, CoreLogic’s September home value index shows.
“As we see housing values continue to rise at around 1 per cent month-on- month, Sydney is getting pretty close to posting a nominal recovery this year. Separate modelling by PropTrack showed that national home values have fully recovered from their 2022 declines after prices increased by 0.35 per cent month-on-month to peak levels.
Similarly, fresh stock jumped by 8.7 per cent in Hobart over the past 12 months and had been rising since June last year. “We’re likely to see a moderation in house price growth next year because affordability just keeps on getting stretched even without a rate rise,” Mr Bustamante said. “Another uncertainty is whether the Reserve Bank strikes again. I think they’ve probably finished, but there is a high risk that they might lift interest rates again, maybe in October or November, which could push some people over the edge.”
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