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.
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.
Home buyers’ budgets slashed by hundreds of thousands, pushing property prices downA typical couple working full-time can spend $260,000 less at auction than five months ago – and the declines aren’t over yet.
Read more »
Home buyers’ budgets slashed by hundreds of thousands, pushing property prices downA typical couple working full-time can spend $260,000 less at auction than five months ago – and the declines aren’t over yet.
Read more »
Property prices are falling, so where have Sydney’s first home buyers gone?Falling property prices may sound like good news for first home buyers, but for many the great Australian dream of homeownership feels as far away as ever.
Read more »
Want a peek inside the Caddick house? You’ll need $10,000 to get in the doorAs fraudster Melissa Caddick’s home goes on sale, see what is on offer for potential buyers.
Read more »
Want a peek inside the Caddick house? You’ll need $10,000 to get in the doorWant a peek inside the Caddick house? You’ll need $10,000 to get in the door | Kate_McClymont
Read more »