article_snippet.sent: There is still no relief for hopeful house-hunters in Sydney as the Harbour city records yet another record boom in property prices after a 'strong' quarter.
article_snippet.sent: It comes after the Reserve Bank cut official interest rates to 2.25 per cent in February, leading to a weekly 80 per cent auction clearance rate and an investor fuelled market.
article_snippet.sent: Although household income growth is minimal, Sydney's housing market continues to reach new record highs, with values increasing over the past 35 months,' Tim Lawless, the head of research at CoreLogic RP Data, said. '
article_snippet.sent: Despite the headwinds of softer labour markets, very low rental yields, increased oversight on lending conditions and heightened economic uncertainty, historically low mortgage rates appear to be adding further stimulus to the housing market, albeit that stimulus is largely being felt in Sydney.'