Sydney house prices could yet again rise for the June quarter as vendors lift their asking prices faster than the market is rising. The asking prices in Sydney recently climbed 6.1% in the rolling 4 weeks (ending May 4th) with asking prices having risen by $17,000.
‘‘Property owners have clearly responded to all the talk about a property boom and have aggressively lifted asking house prices over April, particularly in Sydney,’’ said SQM Research managing director Louis Christopher.
‘‘This shows increased confidence by vendors who are excited by the current market conditions and are keen to list their property at above average price. They’re thinking they can get top dollars for their property, and so far they have been getting top dollars.’’
Sydney house prices rose 6.7% during the March quarter, the highest level since June 2015, followed by April when the state’s prices rose another 2.4%, as reported by CoreLogic.
This is a summary of the article ‘Asking price spikes beat the market’ by Nila Sweeney | The AFR | Wednesday 5th May 2021. (Copyright © Financial Review 2021)