In just three months, 26 suburbs of Sydney have recorded new all-time high house prices. In some cases, the new record has soared by nearly AU$2million from its previous peak.
Citywide, prices have increased by an average of 6.6% since January, according to Core Logic RP Data figures, providing a year-on-year increase of 15.1%. The suburb of Sandringham is leading the surge after the old AU$6million record was exceed by AU$1.8million by the sale of an AU$7.8million four-bedroom beachfront mansion.
Auctioneer Leon Axford says every house going under the hammer is doing better than ever before. “Everyone is setting at least a street price record at the moment,” he remarks. “If you’re not setting a street record, you’re doing something wrong. Buyers are saying ‘If I don’t get this one, how much will the next one cost me?’.”
Doug Driscoll, CEO of Starr Partners real estate group, says it’s a case of supply and demand. “I’m surprised there aren’t more records being broken,” he says. “There just aren’t enough properties on the market. I fully expect these records to continue breaking for the rest of the year.”