Sydney’s property downturn will be the sharpest in more than two decades, with median house prices expected to dip below $1 million in the coming quarter.
“If the pace of quarterly decline remains, prices are likely to dip below $1 million in the coming quarter. A six-figure median house price has not been recorded in four years.” “An influx of first-home buyer activity, affordability constraints and a targeted approach by the banks to reduce exposure to high debt-to-income borrowers supported entry-level demand.”House prices fell 1.1 per cent over the quarter and 0.3 per cent over the year to $563,666.Six years of continuous annual growth have come to an end, with Brisbane house prices coming to a standstill.
“As the two biggest housing markets soften, investor interest has migrated to other locations that offer affordability and steady capital gains.”Unit prices fell 3.2 per cent over the quarter and 1.7 per cent over the year to $426,719.
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