Australia’s most expensive housing market, largest, and the busiest city, Sydney housing prices were up but now the tide is turning dwelling prices in Sydney are falling fast. As per the report, 5.6 percent median price has fallen in the past year in the Sydney.
On contrary the dwelling values are increasing in the other parts of the country i.e Hobart, house values are increased by 10.7 percent, which is noted as the best performing area till now. Some positive change in dwelling values has also been recorded in the areas of Adelaide, Brisbane, and Moreton Bay. But the maximum price fall is noticed in the areas of Sydney where the housing market is expensive. The declining trend showing this will continue to fall for some more years.
The places where property prices are increased located in the most affordable area in Australia.
Adelaide, Brisbane, and Moreton Bay are the places where buying a house is easier than to have a home in Sydney.
The property valuer Sydney says – “Generally the housing market weakness is directly affecting the premium sector of the market, Sydney.”
It has been recorded – “The 5.4 percent fall in housing values across the higher mark of the combined capitals over the year, whereas the broad middle of the market is down 0.5 percent over the past twelve months and the most inexpensive grade has recorded a 0.6 percent rise in values.
Over the past twelve months, the housing market trend towards weaker premium dwelling market conditions is indicating a bigger fall in Sydney and Melbourne. The most expensive property values are recorded falling by 8.1 percent in Sydney and 5.2 percent in Melbourne.
So dwelling prices at the top areas of the market i.e Sydney and Melbourne are falling faster In Australia than the national average, whereas the opposite trend is seen in the most affordable locations in the country.
Property valuer says the division between the two, shows light on different factors that are putting the great impact on home buyer’s demand.
“The cities like Sydney and Melbourne where values are high, property valuers are observing the dwelling prices are more than 8 times higher than median household incomes. Also, tighter credit or lending conditions for borrowers with a high debt-to-income ratio and slower growth in surrounding areas will likely to impact on demand more in Sydney and Melbourne over others.”
“The stronger market conditions across Australia’s more affordable areas like Adelaide, Brisbane is the major reason to a rise of first home buyers in the market as well as the credit policies focused on reducing exposure to high debt-to-income ratios.”
To understand the Australia property market well the property valuers Sydney are the right one who knows ins and outs. Planning to buy a property in any region of Australia discuss with first with the valuer as they understand the market trend appropriately. Contact property valuer Sydney to get the right property valuation services in Sydney.