A typical couple working full-time can spend $260,000 less at auction than five months ago – and the declines aren’t over yet.
showed house values in Sydney had already dropped 7.6 per cent since peaking, while Melbourne’s fell 4.6 per cent. Other capitals have also recorded falls in more recent months.In Sydney’s west, principal agent of Laing and Simmons Merrylands George Lattouf said vendors were already being forced to meet the market as buyers’ budgets were slashed.
Though house prices were falling in some pockets of Parramatta, rents were on the rise, making buying a home more attractive for those who qualified for a mortgage. Some rents were as high as monthly mortgage repayments, Lattouf said. If pre-approved buyers find a property and want to make an offer, they may not be able to afford to do so.“People setting their sights on a certain type of property even three months ago, have had to readjust what they’re looking at,” he said.
Some commentators have suggested Australia will follow suit in lifting rates to a high level to try and curb the rising cost of living. Some economists predict interest rates will reach 3.35 per cent by next year.
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