A Great Time to Buy in Sydney

September Quarter house and unit price figures released today by Australian Property Monitors (APM) show that it’s a great time to buy real estate in Sydney with house prices in Perth poised to become the nation’s most expensive.

“Sydney house prices are now a bargain compared with other capital cities and they are becoming a bigger bargain by the day,” REINSW President, Mrs Cristine Castle, said today.

APM’s figures show that Perth’s median house price has increased by 39% in the past year to a high of $492,000 while Sydney’s median price has remained unchanged at $520,000.

“At this rate Perth will become more expensive than Sydney some time in the new year,” Mrs Castle said.

“House prices in all other State capitals have also increased, in Darwin’s case by 18%, which means that it will overtake Canberra as Australia’s third most expensive city sometime next year.”

Mrs Castle said the statistics highlight the nation’s three speed economy with the resource rich States in the overtaking lane and NSW stuck in the slow lane. And she added that the figures add further weight to calls for the Reserve Bank of Australia to leave interest rates on hold.

“With the drought threatening a rural recession and Sydney house prices stable, NSW needs another interest rate rise like it needs a hole in the head,” Mrs Castle said.

See the APM September Quarter Housing Price Series here.

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