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Syndey House prices jump nearly 12% in a year

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Another spike in Sydney property prices contributed to a 1.3 per cent rise in the value of homes in Australia's eight capital cities last month.

 

The latest RP Data-Rismark home value index shows Sydney house prices jumped by 2.4 per cent in October.

 

The median house price in Australia's most populous city is now $610,000.

 

Across the capital cities, prices are 12.6 per cent higher than a year ago.

 

RP Data analyst Cameron Kusher says the broader rise in the market is being fuelled by increases in Sydney house prices, which have been growing at an average annual rate of 2.7 per cent of the past decade.

 

"Therefore, it is little wonder that the Sydney market is responding strongly to record low mortgage rates given its long period of underperformance coupled with a pent up undersupply of new housing over recent years," he said.

 

"Obviously a lot of people see housing as a way to store wealth and grow wealth and for most people it's the largest investment they'll ever make.

 

"So when you get really low mortgage rates, I think you're going to see ... that people show more of a preparedness to jump into the housing market."

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The same situation exists in the commercial properties up for sale or rental. A single storage facility could face sudden plunges or climbs when the market changes ever so constantly. It could get really tough at times to decide on the costs of rental of each unit imposed to customers because if we were to raise the rental fees, customers will shy away from our business. However, if we refrain from doing so, we are at a loss for the increased rental costs enforced onto us.

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