Sydney rental market explored by APM
The shaky market conditions affecting many property markets across the country did little to affect the performance of real estate in Sydney, which remains evenly balanced at the start of 2012.
According to Australian Property Monitors (APM), the median dwelling prices in and around the city "performed best of the capitals in 2011".
The State of the Market report shows that - while units and apartments experienced low growth in value - housing vendors were able to gain a rise in median prices.
Moving up 2.3 per cent in the 12 months before October 30, this part of the residential real estate market was also able to gain a 53 per cent auction clearance rate.
In contrast, units and townhouses only experienced a 0.5 per cent increase in median price but shared the same clearance value.
While this figure was down on previous years, it was one of the best performers of all the capital cities.
These results hint at a trend away from prestige housing options towards the more affordable end of the market - with vendors less interested in 'trading up' in favour of finding a better deal.
For the rental market, this could mean the tenants will soon begin to show increased activity as they seek to secure a better deal in the medium term.