Will sydney house prices fall further?

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Trystan Johnson asked a question: Will sydney house prices fall further?
Asked By: Trystan Johnson
Date created: Wed, Apr 7, 2021 2:39 PM
Date updated: Sun, Jun 26, 2022 3:01 AM

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Top best answers to the question «Will sydney house prices fall further»

  • "With many pressures mounting throughout 2019, we are confident that house price declines will accelerate in Sydney and Melbourne. In our baseline scenario, we anticipate nominal house prices to fall between 15 to 20 per cent in 2019 alone in both cities," LF said.

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Sydney prices are expected to drop 10 to 15% decline, whereas Adelaide, Brisbane, Perth and Hobart are only likely to see falls around 5% or less. Canberra is likely to be steady or to the positive. “We are still in an artificial market as various support measures help support home prices.

That background is important because the ABS just released the official dwelling price data for the March quarter 2019. In the quarter, dwelling prices fell 3.0 per cent in the 8 capital cities and dropped 3.9 per cent in Sydney and 3.8 per cent in Melbourne.

Because there are some tentative signs that in Sydney and Melbourne, house price falls are back. Earlier this year the fall in house prices was easing. But the newest data shows price falls seem to have intensified again at the end of April/start of May. The next chart uses a daily home value index created by CoreLogic.

House prices rose by almost 50 per cent between 2012 and 2017. But Sydney dwelling prices fell by 12 per cent last year and in Melbourne they edged down 9 per cent. So far this month, Sydney values, as measured by CoreLogic, dropped by another 0.7 per cent and in Melbourne 0.8 per cent.

Sydney property prices have further to fall, warns Australian central bank A row of newly-built apartment blocks in the suburb of Epping, Sydney, on Feb 1, 2019. PHOTO: REUTERS

Extremely strong demand for houses in Sydney’s inner and middle-ring suburbs is likely to lead to double-digit Sydney house price growth over the next 12 months. In fact, Sydney housing prices grew 8.2% in the second quarter of 2021.

ANZ said in March Sydney housing prices would rise 19 per cent in 2021, with national prices to rise 17 per cent. But with Sydney house prices up 15.1 per cent in just five months, the bank expects the rapid growth to ease soon.

Harvey predicts that prices across Sydney will rise by an average of 10% by the end of 2021, a forecast shared by Westpac economists, who are pegging an increase of 10% this year and another 10% ...

House prices have much further to fall. Source:Supplied. House prices in Sydney and Melbourne could fall by up to 25 per cent this year alone and “there’s a chance they could fall by half ...

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