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Sydney Market Update!

The Sydney market finished the month as the most expensive capital city with a median dwelling price $800,000.

The Sydney property market continued as the stand out based on annual capital gains, recording the largest year-on-year increase; dwelling values are now 10.6% higher over the past 12 months.
This also points to higher demand for Sydney units considering how expensive Sydney houses have become.
Comparatively, in Sydney and Melbourne, the approved unit pipeline is higher at approximately 96,000 over the next 24 months, however the potential stock uplift is much less significant, at 13% and 16% respectively relative to existing unit stock levels.
Auction clearance rates, which are one of the most timely measures of the fit between buyer and seller expectations, have been tracking in the mid to high 70% range across the combined capital city markets, with the largest auction markets of Sydney general showing a higher rate of clearance.

For further information on this article please feel free to contact John Tsironis from the Oaks Property Sales 0402 696 497