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Sydney house prices record the largest annual gain since 2017 peak
Property prices in Australia are almost back to peak levels according to Domain’s December 2109 House Price Report.
Sydney house and unit prices continued to rebound in the final quarter of 2019, ending the year in a better position than they started. The December quarter posted the steepest quarterly price jump since mid-2015, with houses rising by 5.7 per cent and units 4.3 per cent. This marks the end of deteriorating prices, with values growing annually for the first time in two years - houses grew by 6.8 per cent and units by 3 per cent. House prices continued to rebound faster than units, although houses have more ground to recover considering they led the downturn.
Houses have regained almost two-thirds of the value lost during the downturn that spanned a year-and-a-half, and units have regained half of the value lost - a milestone achieved over just two-quarters of strong growth. House prices are 4.6 per cent below the mid-2017 high, and unit prices are 6.2 per cent lower. If the pace of quarterly growth remains, prices are likely to surpass previous peaks to reach new price highs in 2020. As the wealth effect takes hold, household spending could be reignited.
Sydney’s property market is well and truly on its way back up, with the latest data revealing the city’s median house price increased 6.8 per cent in the 12 months ending December 2019, reaching a new median of $1,142,212.
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