Domain Sydney Property Market Report - May 2013


 



The Sydney housing market continued to strengthen through May with auction clearance rates rising to near-record levels. The auction clearance rate for units of 74.9 per cent was second only to the 76.3 per cent recorded in May 2002. Similarly, the auction clearance rate for houses of 65.3 per cent was the fourth highest May recorded over the last 23 years, behind only 2001,2002 and 2003.


Sydney is now clearly the best performing local economy, with an unemployment rate of 4.9 per cent in April, the lowest of all the major capitals. Other leading indicators of economic activity such as retail sales, also position Sydney as a leading economic performer.


Investors and mid-range upgraders are currently highly active in Sydney, with both the first home buyer market and the prestige market remaining relatively subdued. Sydney’s inner west region and upper north shore remain particularly popular with buyers.