Sydney property prices 'have held their value'

While the cost of an abode in many of Australia's major cities has declined, Sydney prices have been resilient over the last 12 months. 

Figures from the RP Data-Rismark hedonic indices indicate that the value of residences in Sydney have actually increased during this period.

In a piece for the Business Spectator, joint managing director of Rismark International Christopher Joyce observed that in Brisbane and Melbourne, prices have fallen by 6.1 per cent and 4.3 per cent respectively.

He noted that during the global financial crisis, costs fell by between 15 and 20 per cent, but that since then they have remained relatively steady.

"It is Australia’s largest city, Sydney, which appears the standout," he stated.

Mr Joyce added that if there are signs that the financial system is becoming unstable, the Reserve Bank of Australia is likely to reduce interest rates to improve liquidity.

Last month, Australians for Affordable Housing released a report indicating that the median property in Sydney costs 8.1 times more than the average annual income.

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