Posted October 11, 2018 12:08:50 Sydney’s property market is the hot topic of the day with new listings and a surge in buyers.
The Reserve Bank has reported record new listings for October 2018, with the average price for a new house across the country rising 6.4 per cent.
But there are also new signs of concern.
New listings are up 7.6 per cent over the month before.
That is a rise of more than 7,000 across Sydney’s major areas.
There are more than 300,000 new listings on the market across NSW.
The number of listings in the Sydney area has more than doubled since October 2016, with listings in inner-west and south-east Sydney up 16 per cent and inner-city areas up 13 per cent, according to the Sydney Market Centre.
“In the last two months alone, we have seen an average of 25 new listings per day,” a spokesperson for the NSW Government said.
“We are now seeing a rise in the number of potential buyers for properties across the state.”
The new listings are also contributing to a new property market that is increasingly dominated by older, high-rise, detached properties, and we expect this trend to continue.
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