Sydney property Market tumbles (Daily Telegraph photo)
According to the Daily Telegraph, home prices in several parts of Sydney have fallen and will continue to decline, which is certainly good news for buyers eager to enter the market.
The median property price in Sydney fell 2.5 percent in the quarter to March, compared with 1.3 percent in the previous quarter, according to CoreLogic, a property research firm. It was the biggest drop in prices in Sydney since the global economic crisis broke out a decade ago. For now, Sydney`s median property price has fallen to A $880743.
The number of active buyers in Sydney is up 25 percent from a year ago, while the number of active buyers is only 80 percent last year, a sign of increased competition among sellers, according to an industry report.
Sydney Darlinghurst (Darlinghurst) real estate listing price fell an average of 30.6%. The largest decline in real estate prices in urban areas for high housing prices, adjustment space is large. Prices for blue-chip urban properties in eastern Sydney followed Darlinghurst, with (Bellevue Hill) and Wacruz (Vaucluse), falling 16 percent and 13 percent on average, for example, in Mount Bellevue.
In northern Sydney, a four-bedroom house in the coastal city of Bargola, (Balgowlah), was initially listed for A $1.9 million, but has now been cut by A $ three hundred and twenty five thousand. Meanwhile, prices for urban properties such as (Sutherland) and Cape Alford (Alfords Point) in southern Sydney were cut by an average of 15 percent before they were successfully traded.
These market conditions should not be surprising. In recent years, Sydney`s house prices have skyrocketed at a meteor-like pace., government, experts and community leaders have struggled to find a solution.
Now buyers are becoming aware that they are asking sellers to give up their fantasies and return to the negotiating table. At a time when wage growth is simply unable to keep pace with house-price growth, or even stagnate, buyers can no longer afford to rise further. In other words, without calls for intervention, it is likely that market mechanisms will eventually pull house prices back into reality.
