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What happened to the markets in August?

By Jessica Ridder

National Real Estate News.

With the start of a new financial year there is again speculation over the real estate market. Nationally house prices have continued to grow in all but two of Australia’s capital cities, according to the latest state of the market report from Domain. Brisbane and Perth were the only two cities to record a decline in house price growth for the June quarter. Sydney is still leading the charge as Australia’s most expensive city, with a new median house price of $1,178,417, up 12.7 per cent over the year. There appears to be no slow down in the NSW property market with buyer numbers still strong through open homes and stock levels still very tight across the board. Sydney Auction clearance rate for the weekend was 70% compared to 78% at the same time last year.
Local Real Estate News.
Any talk of the property market easing appears to be premature as we see an influx of Sydney buyers getting into the Blue Mountains market. Although stock levels are down in comparison to previous years, the buyer demand has increased so much so that there are numerous people sitting on the waiting list for properties to come up that match their criteria. House prices in the Upper Mountains have experienced phenomenal growth over the last few years. The median property price in Blackheath now sits at $597,500, which is up 13% on last year, Medlow Bath’s median price is $500,000 after a jump of 24.1% in 2016, Mount Victoria’s median price is now $525,000 which is up 15.3% on last year. The stand out locally is Katoomba with a 19% jump over the last 12 months, with a new median house price of $600,000.
If you are looking at selling there is no better time than now, get in before the Spring rush. Call Alan on 0418 654 779 to get an updated appraisal on your home.
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