Prices of Homes In Sydney Will Soon Begin To Rise Again
Updated: Apr 13, 2018
Looking for a house in Sydney? Analysts say that now is the right time to buy one.
In the last seven months, houses up for sale have seen a rapid drop in prices, which made a lot of buyers enjoy a significantly smaller rate. However, this might not be for long. According to data gathered just recently, the prices of houses have not been dropping as quickly in the past several months. This could mean that the current market slump will soon end, and the property market will soon start to increase. Last month, the price of an average house in Sydney only fell by 0.3 percent versus December and January’s 0.9 decline.
It was in September when the decline in house prices began with a 0.1 percent. The 0.3 percent in decline this March was the second smallest drop. The price of a home in Sydney that cost over $900,000 last year, is now at $880,000 – 2.1 percent down. But a research made by CoreLogic’s Tim Lawless said that the prices will start to rise soon, which is why if you’re looking to buy a home this year, right now should be the best time if you want to save some money. And the growth could return sooner than you think.
Last year, Australia has seen as growth in population that reached over 389,000. This number should rise and could make the country’s population to reach a total of 24.5 million by the end of March. In NSW alone, the population rose to 123,000, which includes 98,782 immigrant foreigners, but property developers were not ready for this growth and were unable to build enough homes for the growing population. As a matter fact, according to the Development Institute of Australia, with a demand of 41,250, only 38,700 houses were built in Sydney last year to September. This record also suggests that new homes built this year would most likely be fewer as well.
The condition of the market in Sydney surprised many buyers. It was also quite favorable to some in various areas especially because it is a known fact that houses in Australia are very expensive. In some areas, the houses were still pricey but not as most buyers expected. According to a study, In Sydney, one of the most competitive markets is Erskinevelle where couples who are double-income earners choose to buy property.