High interest rates and affordability pressures are taking a toll on buyers, but not enough to push Sydney property prices lower.
Sydney’s median house price has reached a record $1.65 million, but there has been a marked slowdown in growth in the latest quarter as high interest rates and affordability pressures hit.
The pace of growth halved from the previous quarter, marking the weakest performance since the decline in December 2022. She said interest rate-sensitive buyers, who have also endured the higher cost of living, were waiting for a signal that rates would fall. At the same time, more sellers have listed their homes, leaving buyers with more choice and negotiation power.
AMP chief economist Dr Shane Oliver said higher interest rates had begun to make a material impact on Sydney property prices. Hopeful homebuyer Jean Towill has been all but locked out of the market thanks to the double whammy of higher interest rates and rising property prices. “It’s very disheartening to go to open homes and say ‘wow, this would be perfect for me,’ and then you sit back and go, ‘I’m just not eligible for a loan that size’,” she said.
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.
The high price of withdrawing a bullied child from private schoolParents say schools are financially penalising them - and some are being made to sign non-disclosure agreements - if they withdraw their children due to bullying.
Read more »
Woolworths and Coles blame suppliers and ‘sudden outbreak of high inflation’ in ‘illusory’ price discount caseSupermarket giants appear in federal court in Melbourne for first time since ACCC launched action over alleged price increases and discount deals
Read more »
Rebel Sport the big winner as supporters pay high price for team jerseys and ‘fangear’Retailer mark-up as much as 50% of cost of licensed sporting kit while Australian rugby league sees shirt sales soar in cheaper pricing trial
Read more »
Anti-abortion activist targets high-profile SA women with ‘baby-killers club’ social media postsJoanna Howe posts artworks of women including deputy premier and state Greens leader Tammy Franks who said they were ‘designed to promote hatred’
Read more »
Crash causes traffic delays on Monash Fwy in Melbourne near High St7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »
Rwanda Faces First Marburg Virus Outbreak With High Fatality RateRwanda is battling its first-ever outbreak of Marburg virus disease, a rare and deadly hemorrhagic fever similar to Ebola. The virus has claimed eight lives out of 26 confirmed cases, with an 88% fatality rate. The World Health Organization (WHO) and the US Centers for Disease Control and Prevention (CDC) are deploying experts to assist Rwanda in controlling the outbreak.
Read more »