Sydney’s runaway property prices have been reined in by a significant market slowdown, recording their weakest result since early stages of the pandemic.
Sydney’s median house price lifted 0.2 per cent last quarter, while the unit median declined 1.2 per cent.
Sydney unit prices dipped 1.2 per cent to a median of $796,524 in the March quarter, the latest Domain House Price Report shows, while house prices rose a marginal 0.2 per cent to a median of almost $1,591,000 — the weakest performance for both since the June quarter of 2020. Affordability constraints were weighing on buyer demand, which could be further affected by the prospect of rising interest rates.“Sellers have become motivated and are strategically timing a sale while prices are at, or close to a peak, and prior to a tightening rate cycle that will impact borrowing capacity and the cost of a mortgage,” Powell said.
Market forecasts centred on a 10 per cent decline from peak to trough, with prices unlikely to fall further as first-home buyer activity historically picks up and provides support for the market once prices eased, she added “Fixed rate mortgages are already rising and there is an expectation that variable interest rates are also going to rise because the market is expecting the Reserve Bank will start lifting interest rates soon,” he said.Credit:Across Sydney, unit prices fell or held steady over the quarter in most regions, except the Central Coast and outer south west. Prices were down annually in half a dozen areas, with Blacktown and Ryde recording the largest drop. Citywide, the unit median was still up 4.
Lucas Collins recently accepted a good offer for his Mount Annan home after the first inspection and hopes to purchase a house in Kurnell in coming days.After missing out on other homes in recent months, Collins said he had to increase his budget and suburb search before engaging the help of a buyer’s agent.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Is that part of the show?’ Eryn Jean Norvill suffers fall during Dorian Gray performanceTuesday night’s performance of Sydney Theatre Company’s acclaimed production The Picture of Dorian Gray ended prematurely after its sole cast member slipped and fell on stage.
Read more »
ASX sheds 2.1pc as miners, energy shares tumbleThe materials sector suffers its worst, one-day fall in almost two years as the price of iron ore fell sharply on China growth worries.
Read more »
'Astronomical' canola prices as Indonesia bans palm oil export mean good news for Australian growersAustralian oilseed growers are optimistic off the back of a record harvest as global prices boom amid worldwide supply issues.
Read more »
Sydney's confusing road toll system to be reviewed by state governmentSydney's complex system of toll roads, including the pricing structure and impacts on the cost of living, is to be examined as part of a major state government review.
Read more »
Telstra’s O-Week seeks to entice staff back to officeIt’s been more than two years since the start of the pandemic and many of the telco’s not-so-new staff have yet to meet their immediate boss in person.
Read more »
Consumer inflation tipped to hit 4.5% in March as Australian cost of living soarsPetrol, produce and mortgage costs are rising powered by pandemic shortages, flood damage and the war in Ukraine
Read more »