In fact, I expect to see Sydney prices snap 15 per cent higher on these indices based upon what I have seen playing out at auctions in recent weeks.
As for the alleged Sydney "oversupply", I'm not seeing it on a city-wide basis, except in a few pockets as documented here previously.
Construction of apartments has certainly picked up, but only a relatively small proportion of new builds are in the inner suburbs where a high concentration of people want to live.
Inner Sydney vacancy rates have declined again to 1.7 per cent.
Over the 10 years to 2014 the Greater Sydney population increased by 623,000 to 4.84 million. The inner city is more or less full.