Sydney house prices have fallen slightly by 0.2 per cent over the past four weeks, reversing the small gain recorded during January, CoreLogic data shows.
Sydney house prices have fallen by 0.2 per cent over the past four weeks, reversing the small gain recorded during January amid a surge in listings and weakening demand from buyers, CoreLogic data shows.Sydney prices slipped into negative territorySydney house prices are on track to record the first monthly drop during February amid surging listings and falling demand.since the market last bottomed out in September 2020, said Tim Lawless, CoreLogic’s research director.
“I think the bounce back in January was more a reflection of volatility due to thin trade and seasonality, more than anything. But with more stock being added to the market, the market seems to be losing steam more sharply,” he said.“It’s almost as if the February numbers are rejoining that sharp downward trend we’ve seen in Sydney through the final quarter of 2021.”
“The strength we saw in the auction clearance rate in January surprised me because house price data has gone in the opposite direction. I think a combination of higher mortgage rates and worsening affordability are now visibly taking their toll.” “So we’re definitely seeing real estate agents much more active, which implies that the new listings trend is going to be more substantial than what we saw last year or the year before that.“This is great news for buyers because it means they have more choices and maybe can even negotiate a little bit harder. But it should also translate to a softening in price pressures.”
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