Property sales in Sydney are picking up as fringe new housing estates and strong land sales assist in the city's property market recovery.
This is according to the June quarter National Land Survey Program, which found that there was a 16 per cent national increase in property sales recorded during this month, which has been attributed to low interest rates and higher demand in previously underperforming markets.
The report, compiled by ResearchFour and Charter Keck Cramer showed that Sydney witnessed 800 monthly lot sales, a rise of 18 per cent on the previous quarter.
A 37 per cent rise in sales over the second quarter of 2013 in Melbourne was also recorded.
Property Observer reports that while the city has recorded positive results, smaller lot sizes and a reduced price of land mean Melbourne's property market is slightly weaker than that of Sydney and other major cities.
This is also due to a lack of product choice across the market, the publication argues.
Posted by Steve Douglas