Sydney home price falls are now featuring in the main stream media. Of course average price falls may not fully tell the story, as more expensive property is dropping faster, whilst demand for cheaper options remains strong.
Nine News ran a segment last night.
The cracks are beginning to show in the Sydney property market, with the inflated prices from six months ago dissipating.
In some suburbs, prices have fallen as much as 30 percent, as the median house price copped its largest knock since August 2008.
In the three months to December, the harbour city’s median house price fell 1.3 percent, tumbling a further 2.5 percent in the following three months to March, CoreLogic data shows.
It’s the steepest drop in a decade, with the average price of a home now priced at $880,743.
CoreLogic’s Kevin Brogan said the tide was slowly turning.
“I don’t think there’s any cause for panic,” he said.
“At the moment it’s trending towards being a buyer’s market, but I think what we’re seeing is quite a gradual adjustment to the market.”
Experts say a crackdown on investor loans, increased stock and the curbing of tax benefits has contributed.
Over the past fortnight, the auction clearance rate dropped to just 56.1 percent.
Compare that to this time last year, when 78 percent of homes were selling.
Yesterdays Daily Telegraph newspapers also painted a picture of gloom:
