by Ericka Pingol
Despite slowing down, Sydney still possesses the most expensive housing price among capital cities at over $1m, but an expert believes this will soon change for the better.
Sydney witnessed a 3.1% decrease over the March 2019 quarter and a fall of 11.5% since March of 2018. Its house prices remain 42.4% higher than the national average.
However, median prices in the city could decrease even before the month ends.
Real Estate Institute of New South Wales (REINSW) CEO Tim McKibbin said that based on the then-current rate of decline, predictions showed that Sydney’s median price would fall below the $1m mark before the end of the June 2019 quarter.
“This will hopefully see more properties coming to market, shorter time on market and higher clearance rates – as we witnessed in the weekend following the Queen’s Birthday public holiday,” McKibbin said.
Sydney’s clearance rate is solidifying, according to CoreLogic. Market commentators will closely look at the market in the upcoming weeks that could include insights on the effect on the recent elections on buyer confidence.
“Since the election, the Sydney property market has seen good, albeit slow, growth,” said McKibbin. “The market is regaining confidence, and this can be seen in the recent clearance rates of over 70%.”
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