{"id":28632,"date":"2020-10-29T17:05:59","date_gmt":"2020-10-29T04:05:59","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=28632"},"modified":"2020-10-29T17:05:59","modified_gmt":"2020-10-29T04:05:59","slug":"sydney-property-market-has-caught-up-on-covid-destruction-watch","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/sydney-property-market-has-caught-up-on-covid-destruction-watch\/","title":{"rendered":"Sydney property market has ‘caught up on COVID destruction’ | WATCH"},"content":{"rendered":"

PHOTO: Sydney- FILE<\/strong><\/p>\n

Westpac Senior Economist Matthew Hassan says \u201cspring is half sprung\u201d in Sydney as the property market prices rise and volume sales to date are higher than they were in 2019.<\/p>\n

Looking at the data, Sydney<\/a> home values tipped 0.3 per cent for September, but prices are improving, with declines consistently easing since July. Melbourne saw a 0.9 per cent decline in property sales. Sydney<\/a> listings are crawling higher, however, and Melbourne has seen listing blitz over the last two weeks. \u201cYear to date volume sales in the Sydney Market are above last years, we\u2019ve caught up on that COVID destruction and gone ahead where we were last year,\u201d Mr Hassan said. \u201cPreviously, more consumers expected prices to fall rather than rise, that\u2019s flipped around, we now see more consumers expecting prices to rise from here. \u201cDefinitely there\u2019s consolidation and improvement happening around housing related sentiment. \u201c<\/p>\n

There\u2019s a large real-estate industry that\u2019s in a real hurry to get things done.\u201d \u201cWe\u2019ve got a tail end of the COVID recession still to work through. \u201cEverything looks much more positive heading into 2022, we think there\u2019ll be a sustained rally in prices in a couple of years, a 15 per cent gain in prices once we get there, but there\u2019s still a way to go.\u201d<\/p>\n