Audio

Current Market Insights – 2GB Summer Nights with Michael McLaren

Current Market Insights – 2GB Summer Nights with Michael McLaren

6 months ago

The Sydney property market has been a subject of intense scrutiny, especially through the unexpected turns of the global pandemic. In this edition of 2GB Summer Nights, Michael sat down with Peter O'Malley from Harris Partners Real Estate, to dissect the resilience and vitality of Sydney's housing market.

Despite widespread pessimism during the peak of COVID-19, the market not only persevered but also saw significant growth—a 12.5% increase in house prices and over 8% for apartments. What factors have contributed to this surprising upturn? Immigration is one of the primary drivers, as it leads to a growing demand for housing. With a lag in housing supply, this imbalance has led to a staggering 15% surge in the rental market.

Furthermore, the soft Australian dollar has proved attractive to international investors, funneling additional capital into the real estate sector. These dynamics have combined to create a robust market that continues to defy expectations.