Auction Results Sydney 7 August 2021
Auction Results Sydney
Comment: Auction Results Sydney
The average full-time worker would need to save almost half their earnings to even keep their deposit in line with house price growth. The median house price jumped almost $107,000 over the quarter or about $1175 per day, to a record median of $1,410,133. Sydney’s median is up to $272,887 over the 12 months to June. In Sydney’s Dover Heights and Northbridge, house prices climbed by more than $1 million.
Economist Cameron Murray, a research fellow in the Henry Halloran Trust at The University of Sydney said, he expected house prices in Australia and globally would continue to rise for a couple more years off the back of record-low rates, increased household savings, and economic stimulus measures amid the ongoing pandemic.
Despite rapid price growth, access to cheap credit meant buying a home was still more affordable than renting, once a deposit had been saved, in many parts of Australia. “So, many buyers right now are willing to leverage to the max and pay anything…. because waiting is worse than buying at a high price today,” he said. Dr Murray said.
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Disclaimer: Not all Properties were bought or sold by TBAS® Buyers Agents. The Auction Results Sydney are compiled for research purposes to assist our valued clients in making educated decisions when purchasing property