9News: Property Turnaround

Peter Overton, Nine News Sydney: It was a market in steep decline but today, a complete turnaround – Sydney’s housing prices making a booming comeback.

And it’s the city’s north-west that’s leading the charge.

The Nine Network’s political editor Ross Greenwood explains

Ross Greenwood: The heady cocktail of lower interest rates,  tax cuts and cheap properties have turned around Sydney and Melbourne’s property much faster than expected.

But other parts of the country are still struggling.

The latest Domain quarterly property report suggests Sydney house prices have re-bounded 4.8 percent, almost $50,000 in the last three months.

The report says Sydney’s North West has seen the biggest re-bound, up almost 10 percent in the last quarter alone.

Followed by the south and inner-west, up around 7 percent.

But the city and Eastern Suburbs remain 9 percent below where they were a year ago.

Now, while its been a clear in Sydney and Melbourne, both are still well-off record levels of mid-2017.

In Sydney, houses and apartments are around 10 percent below those peaks. And in Melbourne, houses are 5.7 percent off their highs.

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