In March, a two-bedroom single house in New Town sold only A $1.3 million.
According to the Daily Mail, prices of independent houses in Sydney fell by the largest in 13 years in the 12 months to March, according to CoreLogic, a real estate information analyst. Independent housing prices fell 10.1 percent in Sydney`s urban and inner south regions, and 9.2 percent in the inner west, including (Newtown), the new town of (Surry Hills), (Redfern), Shali Mountain, in Red Square.
Real estate agents in Sydney are disappointed at the fall in the price of independent homes, with one real estate agent telling realestate that a two-bedroom single house in the new town sold just A $1.3 million in March, up from A $100000 a year ago.
A property in Hongfang now sells only A $1.2 million, and agents believe it could have sold A $1.7 million in 2017.
Agents blamed banks for the fall in the stand-alone housing market, accusing banks of refusing to lend to many potential buyers.
Hersant (Ercan Ersan) of Ray White, a real estate firm, said: "in conversations with all outstanding mortgage agents, they said banks now need up to five weeks to approve loans, not two weeks. They are increasingly concerned about the ability of buyers to repay their loans. "
After the Royal Commission launched an investigation into banking activity, analysts said the market would face more difficulties if lenders stepped up their scrutiny of lending approvals.
Over the past 12 months, however, apartment prices in Sydney`s inner and southern districts have continued to rise, rising 9.3 percent.
The price of apartments in the inner west was almost the same as the previous year, falling only slightly by 0.1%. The area includes the area from Birchgrove (Birchgrove) to Olympic Park (Olympic Park), and south to the (Burwood Heights) area of Baohuo Heights.
In addition, the biggest drop in the prices of independent homes and apartments was in the (Baulkham Hills) and (Hawkesbury) areas of Baoqin Mountain, where prices fell 2.9 percent and apartment prices plummeted by 12.2 percent.
Prices for stand-alone homes in the east side of Sydney also fell 3.6 percent, and buyers from Bundy (Bondi), Shuangwan (Double Bay) and others are considering buying cheaper homes in the inner city and the inner west.
Housing prices in Sydney rose and fell in the year to March. (photo by Daily Mail)
