Market strong but faces its first test for the year

There is some evidence that buyer demand nationwide has been picking up. Housing finance approvals have had six months of increases, although this pick-up is modest and from a very low base.

House prices also finished the year off with slight gains for the quarter in Sydney.

And on top of this, our reading for total stock levels has now fallen for the past four months. Still, stock levels are 20 per cent higher from levels recorded this time last year.

All this suggests the Sydney market is in a state of equilibrium

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wait - "nationwide" statistics suggest that Sydney (being the only city in the country) is now in a state of equilibrium?

Probably because of its unique undersupply.
Under normal circumstances some parts of Sydney would have had a correction.

But where are the bears to argue about it?
 
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