House prices in areas dominated by new home developments, like in Sydney’s south-west, are facing sharper declines as listings more than triple in just one month.
House prices in areas dominated by new home developments such as those in Sydney’s south-west are facing sharper declines as listings more than triple in just one month, data from Suburbtrends show.showed a drop of $105,000 on average
In Brisbane, house prices fell by $95,000 across Kenmore – Brookfield – Moggill regions and by $55,820 in The Gap – Enoggera areas during the same period. “So things are going to be much harder for established owners in these markets trying to compete against new houses. Inventory levels have now increased and most of these areas are expected to see more sellers than buyers in 2022.”
Sydney-based buyer’s agent Jack Henderson of Henderson Advocacy said vendors were now willing to slash their prices by up to 15 per cent. In Brisbane, inventory level has risen to 5.4 months’ worth of stock in The Gap – Enoggera area, and to 4.2 months in Kenmore – Brookfield – Moggill regions.
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