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July Sydney Property Report

July Sydney Property Report

With the financial year concluding it’s a good time to review the highs and lows for the Sydney and national property market over the past 12 months.

The national market finished the year with dwelling values rising by 10.1% for the period.  Sydney was the primary driver and led the way with capital gains of 15.4%, plus was the only city to have achieved double digit growth. House values in Sydney increased by 16.2 % over the past year compared to an 12.2% rise in unit values.

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The three months to June saw dwelling values fall for the first time in over a year, -0.2%. Sydney was again the leader with values in the city increasing by 1.0%. It was one of only three capitals to record positive growth. Melbourne was the biggest loser with values dropping by 2.4%.

Over the past decade Perth has been the standout for capital gains along with Darwin. While Sydney is near the bottom it has the superior gains among the capitals for the past 5 years, values have gone up 6.1% compared to the national average of 4.1%.

prices last 10 yearsSydney’s median dwelling values currently sit at $800,000 for houses and $586,000 for units. These are well above the capital cities average of $580,000 and $482,000, respectively. To give an indication of how strong the Sydney market currently is, Melbourne has the second highest values which are $620,000 and $468,000 respectively.

Unsurprisingly Sydney’s rapid rise has also been reflected in the median weekly rent. For houses it has gone up 3.7% over the past year while units  have increased by 4.3%. This has led to the current median rent sitting at $597 for houses, average $486, and $522 for units, average $456.

Perth rental rates

All regional areas of New South Wales grew by at last 5.0% for the past financial year with the exception of Richmond-Tweed, 2.0%. The big winners in the state were the South Eastern and  Sydney regions which both had growth exceeding 15%. The Mid-north coast and Murray areas also did well rising by 14.6% and 13.7% respectively.

For the past financial year it has been the middle priced market that has been the best performer, experiencing annual capital gains of 10.7%. The top 25% of houses was just behind, growing by 10.4% while most affordable market improved by 8.8%.

Now that tax time has arrived make sure you have everything required in order. It is also important you understand what you are eligible to claim as a tax deduction so you can take advantage of the benefits available to you from your investment. Read our full list of tax deductions.

For assistance with any of your property needs call our award winning team on (08) 9289 7777.

Source: RP DATA