Sydney’s property market has slowly come off the boil since the start of the year, but do the softer neighbourhoods spell what’s coming for the rest?
Clearance rates at 60 per cent or above usually mean prices are rising, while anything below indicates falls.Sydney’s property market has slowly come off the boil since the start of the year with fewer properties selling at auction as buyers are stretched to their limits.
CoreLogic head of Australian research Eliza Owen said overall lower clearance rates broadly pointed to a slowing of the market. He said while the market was patchy, with some regions performing better than others, the property market was broadly cooling as most buyers were hampered by the rising cost of living.
Paula Kensington said she feels lucky to have bought the home 15 years ago and wants the next buyer to love it for the next 15 years.“We’re faced with two options: We either do a more thorough renovation and upgrade because it needs it, really. That means we either go in and borrow more money or cash out and move out of Sydney and take the pressure off financially,” said the 54-year-old business owner of CFO advice as well as building regenerative companies.
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