Sydney's median house price is on track to dip below $1 million for the first time in four years, according to analysis by one of Australia's leading real estate websites.Property prices in the Harbour City peaked in June 2017The latest Domain house price report shows Sydney's median house price is now $1,027,962, which is down 3 per cent over the past three months.
Domain senior research analyst Nicola Powell said if the pace of decline continues, prices are likely to drop below $1 million in the next three months."Ultimately obtaining a home loan is more challenging and what that has translated into is there are fewer buyers in the market because buyers are having to meet more stringent lending conditions," said Ms Powell.
"Some buyers are unable to get finance and if they can get finance their borrowing capacity has been reduced." The most recent data from another key data analysis source, CoreLogic, confirmed the Harbour City's housing slump — having the average house price in Sydney as $880,000.
That's good news for 'almost' millionaires surely? Let me see, 1st home buyers would be pleased...
Median Sydney wage on track to rise above $1 million, no analysts to predict that...🤪
It's only a problem for those selling if they move away from those ⤵️areas. Buy and sell in the same area is not a problem. Both, sell$ and buy$ are comparable. No threat at all. Boon for those buying into those areas.
….a bargin,....only 1$m.