Sydney home prices show growth in January after December’s fall
Sydney home values ticked up slightly in January, with a 0.5 per cent increase partially offsetting the market’s larger decline in December.
Data provider CoreLogic’s monthly figures, due out on Monday, will reveal that prices in the NSW capital picked up in the first month of the year after what it says was a 2.3 per cent decline in the final quarter.
Figures from rival Domain Group – owned by Fairfax Media, publisher of The Australian Financial Review – this week said Sydney house prices fell 3.1 per cent and units were down 2.8 per cent over the last quarter.
The CoreLogic figures, which also reveal a 2 per cent increase in Melbourne in January, boost the argument that housing prices in the NSW capital, which have led the market for the past three years, are in for a more sedate year, but unlikely to fall off a cliff.
“The remaining major capitals are continuing to show relatively sedate housing market conditions with the potential for further falls when the end of month index results are published,” CoreLogic said.
“Despite the higher index readings across the largest cites, it’s likely that housing market conditions will track lower than what we saw over 2015.”
Many economists still expect prices in the NSW capital to rise – albeit marginally – this calendar year rather than slide into reverse.
“We’re not in the skies are falling camp,” says NAB chief economist Alan Oster. “It’s probably going to go sideways most of the next year.
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