CoreLogic today announced Sydney property values have recovered to be beyond their earlier 2017 peak.
Tim Lawless, CoreLogic’s Executive Research Director, says he’s not surprised that the recent strong capital gains in housing values have led another capital city to move to new record highs.
“The recovery trend in Sydney following the -15.3% decline from July 2017 to May 2019 was interrupted by COVID-19, with housing values falling by -3.0% through the worst of the pandemic.
“Since housing values found a floor in October last year, Sydney home values have risen 5.7% to reach a new record high today. The fresh record high is great news for Sydney home owners, but highlights the challenges for non-home owners looking to participate in the housing market as values rise faster than incomes,” says Mr Lawless.
According to CoreLogic’s daily hedonic home value index, Melbourne dwelling values remain -1.3% below their pre-COVID high and Perth values are still -16.9% lower relative to the 2014 peak.
CoreLogic Australia