Property prices are continuing to fall in Sydney as the market slumps, making for a climate more accessible to buyers.
With the trend for a decline in housing prices led by Sydney and Melbourne continuing, the median has dropped by 4.5 per cent over the year to June, according to Domain. The time may, therefore, be perfect for those who have struggled in the past to afford their dream home.
“Nationally, we’ve been saying Sydney and Melbourne would see the sharpest falls, as they are the most highly leveraged and have had the strongest price growth,” ANZ senior economist Daniel Gradwell told Domain.
“This [same trend] is even playing out within the Sydney market. It really is the top end of the market that is seeing the greatest price falls,” he said.
This top end has seen a rise in housing prices of as much as 40 or 50 per cent so prices in Sydney and Melbourne still remain high, according to Gradwell, but this decline, together with the recent introduction of tighter lending restrictions, is good news for those looking to buy.
“I’m thinking of all those first-home buyers out there in particular. The time taken to save a deposit is getting a little better.”
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