After a surprise drop in May Sydney homeowners will be relieved to hear that home values rallied in June, rising by 1.7 per cent, according to RP Data-Rismark figures released on Tuesday.
RP Data research director Tim Lawless put the 1.1 per cent May decline down to “seasonal” factors and said Sydney was on track to record continued, albeit slower, growth.
“The month-to-month or the day-to-day changes tend to be relatively meaningless unless you are looking at them in trend terms,” he said.
Over a rolling quarter for example you can really start to see a much better view on true market conditions.”
Sydney’s home values have increased by just 1 per cent over the June quarter, significantly down on the the 4.4 per cent recorded in the first quarter of 2014.
“The middle of the year tends to be relatively softer,” said Mr Lawless.
Lawless thinks we’ll start to see the normal spring selling season being another strong one this year, even if it isn’t as strong as what we saw in 2013.”