| Sky's no limit for real estate prices across Sydney - News |
SYDNEY'S property market is heating to unprecedented levels, with prices soaring even though more real estate is for sale than ever before.
In country areas, prices have already left the last peak for dead.
A jaw-dropping $84 billion worth of homes have changed hands in NSW in the past year, $10 billion more than in the boom year of 2004.
Exclusive figures from NSW Treasury also reveal that the number of sales was 7 per cent higher - 182,000 properties exchanging compared to 170,000 five years ago.
The average sale price in 2009 was $462,000, 6 per cent better than 2004's $436,000.
That overall increase is due to steeply higher prices in some rural and regional areas.
The best performer was Narrandera, up more than 100 per cent and Broken Hill, up nearly 90 per cent.
In suburban Sydney, growth during the latter half of 2009 pushed annual averages close to or just past previous peaks. Parramatta prices recovered to be only 1 per cent beneath the 2004 average. Sutherland prices were just 4 per cent lower and in Hornsby were on par.
If you're looking for a new home right now you have 40,000 to choose from, with a staggering $21 billion of property for sale in NSW.
About $15 billion of this in Sydney and another $6 billion in rural and regional areas, according to figures from Australian Property Monitors prepared for The Daily Telegraph.
APM economist Matthew Bell said the real estate market was now as hot as it was in late 2003 and early 2004.
"If things continue in the same vein as they did over the last six months it will be in the strongest we've seen," Mr Bell said.
Property guru John McGrath said the overall rising trend was "sustainable, but there is going to be different growth rates for different parts of Sydney". He said beach areas and suburbs near the city would rise 8-10 per cent, if the sharemarket held up.
If the attitude of Port Macquarie property hunter Reuben Rundle is anything to go by, there is still room for more boom. Looking out to the beach from a property priced about $700,000, she said yesterday: "This seems like good value to me."
Source : www.dailytelegraph.com.au
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