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Money Sydney home prices continue to slide

15:05  09 april  2018
15:05  09 april  2018 Source:   businessinsider.com.au

AMP Capital expects Sydney and Melbourne house prices to fall by another 5%

  AMP Capital expects Sydney and Melbourne house prices to fall by another 5% Australian capital city home prices have now fallen for five consecutive months. The national slowdown largely reflects weakness in Sydney and Melbourne.After a strong rebound in late 2016 and throughout much of 2017, coinciding with a reduction in official interest rates from the Reserve Bank of Australia (RBA), Australian house price growth has slowed rapidly in recent months.

Sydney home prices continued to fall in early April, continuing the trend seen in recent months. Similar from the Web. Sydney home prices continue to slide | Business Insider - www.businessinsider.com.au.

Sydney home prices continued to fall in early April, continuing the trend seen in recent months. According to CoreLogic, prices in Australia’s largest and most expensive housing market fell by 0.1% in the first full week of April which, along with flat performances from Melbourne and Brisbane

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Sydney home prices continued to fall in early April, continuing the trend seen in recent months.

According to CoreLogic, prices in Australia's largest and most expensive housing market fell by 0.1% in the first full week of April which, along with flat performances from Melbourne and Brisbane, saw prices nationwide fall by 0.1% in average weighted terms.

However, as seen in the table below from CoreLogic, the softness in Sydney and Melbourne prices masked stronger performances from Australia's smaller mainland state capitals over the same period with prices inching up by 0.1% in both Adelaide and Perth.

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Sydney home prices dropped 0.3 per cent in March, leaving values down 2.1 per cent on the year, according to property consultant CoreLogic. Values had been surging at more than 20 per cent a year at the peak of the boom.

Sydney prices continued to weaken, dropping 0.1%. The median Sydney price has slid 2%, more than triple the 0.6% decline seen in Melbourne. Home prices fell across most Australian mainland state capitals last week, including Sydney and Melbourne.

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Over the past four weeks, prices in Perth have grown by 0.4%, a performance in stark contrast to the trend of prior years where prices in the Western Australian capital underperformed the national average.

Of the remaining state capitals, prices fell over the same period, ranging from a drop of 0.3% in Melbourne to falls of 0.1% apiece in Brisbane and Adelaide.

a house that has a sign on the side of a building © Provided by Business Insider Inc With Sydney down 0.2%, it saw prices nationwide fall by the same margin in average weighted terms.

So far this year, and despite a recent divergence in prices in individual capitals, prices have fallen in each of Australia's mainland state capitals, ranging from 1.9% in Sydney to 0.1% in Brisbane and Perth.

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From their December 2010 peak, monthly home prices in Sydney have only fallen 1.7 per cent, RP Data said. Households have been discouraged by uncertainty about the strength of the global economy – on which the Australian economy relies for continued expansion – and questions about

Sydney 's continuing home price slide kept capital city values largely flat last week, while auction activity has increased. WATCH: Australia's national median home price is falling - here's where property is cheapest.

Reflective of the recent slowdown, average price growth over the past year slowed to just 0.4%, a figure that is likely to turn negative in the period ahead in the absence of an unexpected rebound in the Sydney and Melbourne markets.

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Prices in Sydney are now down 2.6% from a year ago, a larger decrease than the 2.3% drop recorded in Perth over the same period.

Elsewhere, annual price growth in Melbourne has slowed to 4.6% -- well below the double-digit gains seen this time a year ago -- while those in Brisbane and Adelaide have increased by 1.1% and 1.7% respectively.

Contributing to the recent slowdown in Sydney and Melbourne, CoreLogic reports the number of properties up for sale in these markets has risen solidly over the past year, lifting by 28.6% and 6.5% respectively to 26,536 and 30,249 dwellings.

That's contributed to a 6.8% increase in listings nationally to 110,412 over the past year, masking falling stock availability in all other capitals aside from Brisbane where they have risen by 3.4%.

Sydney's apartment building boom is hitting new highs even as prices start to fall

  Sydney's apartment building boom is hitting new highs even as prices start to fall Unit prices in Sydney are falling. Total units under construction in NSW hit the highest level on record late last year. There are 16,786 units approved but yet to begin construction across the state, the second highest number on record. Home prices are falling in Sydney, including for units.According to data from CoreLogic, apartment prices in Australia's largest and most expensive housing market fell by 0.9% in the first three months of the year, seeing the increase on a year earlier slow to 1.9%.If the chart below is anything to go by, there could well be further declines to come.

Home prices across Australia’s state capitals were flat last week in average weighted terms. Sydney prices continued to weaken, dropping 0.1%. The median Sydney price has slid 2%, more than triple the 0.6% decline seen in Melbourne.

If the recent figures by CoreLogic are anything to go by, analysts might be right in predicting that the house prices in Sydney will continue to decline. An Aussie Mortgage Broker will contact you to book a FREE appointment to discuss your home loan needs.

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The decline in stock availability in Australia's smaller capitals, along with other factors, points to prices in these areas outperforming the national average in the period ahead, says Shane Oliver, head of Investment Strategy and chief economist at AMP Capital.

"A further tightening in lending standards as banks get tougher on borrowers’ income and living expense levels along with rising supply and more realistic capital growth expectations by home buyers will see Sydney and Melbourne property prices fall another 5% or so this year with further falls likely next year," he says.

"In contrast, home prices in Perth and Darwin are either at or close to the bottom. Price growth is likely to be moderate in Adelaide and Canberra, but it may pick up a bit in Brisbane thanks to stronger population growth and the boom in Hobart has a way to go yet."

Here's how the latest downturn in Sydney and Melbourne property prices compares to those seen in the past .
Sydney and Melbourne home prices have fallen 2% and 0.6% respectively so far in 2018. Home prices in Sydney and Melbourne are now starting to decline following years of strong growth.

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