Higher interest rates have slashed the borrowing capacity of buyers seeking large mortgages – and even wealthy suburbs haven’t been spared.
House prices are cheaper than a year ago in some of Sydney’s most sought-after suburbs as higher interest rates slash the borrowing capacity of buyers seeking large mortgages.
Many buyers cannot borrow enough money to buy the home they want and are waiting for interest rate cuts, Powell said. “If you’re in that privileged position where you don’t have to sell your home, you start to hold off.” “We’re definitely seeing a slowdown in activity around the less affordable suburbs like Bellevue Hill, the eastern suburbs and northern beaches,” he said. “Vendors are still hoping to catch those high prices but buyers are not willing to pay it.
Potential home buyers seeking large loans may not be able to access them while interest rates remain high, he said. Despite the price falls, detached houses are still too expensive across much of Sydney for first home hopeful Seamus Lough.The self-employed plumber started looking to buy a home in Sydney 11 years ago when he was 26, but after just falling short on a two-bedroom apartment, ended up priced out.
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