Australian property prices rose, Sydney hit a new high of 3 years
The Australian developer Crown Group’s sales performance has grown strongly, with nearly $30 million in the Australian market in July and August this year. Chairman and CEO Iwan Sunito pointed out that as the Australian property market continues to soar, there is confidence in the prospects for this year.
The recent interest rate cuts and the traditional spring and summer sales season began, buyers’ confidence in two of Australia’s largest markets, Sydney and Melbourne, and Brisbane’s market also showed positive growth.
Melbourne rose 1.4% 2 years and a half up
According to the latest data, Sydney recorded the strongest weekend sales rate at the beginning of last month, and the winter backlog of purchases was intended to be released; limited inventory is also the reason for the soaring prices of Australia’s two largest real estate markets, Sydney Real Estate 8 The monthly price rose 1.6%, while Melbourne rose 1.4%. Among them, Sydney is the biggest monthly increase since November 2016; Melbourne is the biggest growth since April 2017. The national housing value increased by 0.8% for the first time since October 2017.
Economists predict that the limited supply of new apartments, coupled with record low interest rates, could trigger a rapid rebound in property prices in the coming months. Shane Oliver, chief economist at AMP Capital, said that by 2020, property prices in Sydney and Melbourne will rise by about 5% and will remain flat by 2021.
Iwan Sunito, chairman and CEO of the developer Crown Group, said that apartment sales maintained healthy growth in July and August. In July, the group’s Sydney project sold about 9 people, cashing in about A$10.1 million; 16 people were sold and cash was $19.13 million. He hopes that with the spring and summer of Australia, sales will double in the period from September to November.