Toggle Menu Header



Real estate agent,

NSW: Dwelling prices in Sydney declined due to the impacts of the COVID-19 outbreak

21D ago 0 Replies 212 Views
The price recovery of houses and units in Sydney was abruptly halted over the second quarter of the year, falling by 2% and 1.9%, respectively. Nicola Powell, senior research analyst at Domain, said the June quarter is the first quarter to show the impact of the COVID-19 outbreak on dwelling prices.
"Sydney was in an upswing prior to this interruption, highlighted by the strong annual growth, up by 10.5% for houses and 7.3% for units," she said.
The median prices in Sydney currently sit at $1.14m for houses and $735,417 for units.

While market confidence amongst buyers and sellers has already improved from the low levels in April, Powell still expects weakness in prices, with more sellers accommodating lower asking prices to push a timely sale.


Share on:
Tags: Sydney

Top Contributors Last 30 days

1 InvestAus
2 Anuj
3 Karan

Related Posts

NSW: Investors appear to be losing interest in Sydney's inner ring

Matt Halse, local expert for New South Wales at HTW, said investor activity appears to have slowed down substantially in the region, particularly in homogenous medium- and high-density areas such Haymarket, Zetland, and Forest Lodge. "This is largely driven by declines in rental demand pushing rents lower and therefore reducing overall returns," he said. In Zetland, for instance, the residential vacancy rate hit a record high in May at 6%, which declined to 5.7% in June. Mascot also recorded a high vacancy rate at 7.4%, according to figures from SQM research. "It appears that more first-home buyers are entering the market which does help increase demand for some of the investment style apartments, however, there is still an oversupply of apartments advertised for sale and lease," he said. It is crucial to note, however, that this trend is unlikely to improve soon, given the impacts of the COVID-19 on the general economy and the housing market. Still, Halse believes investors need to take advantage of the available properties that are at prices similar to or even lower than what they were sold for over the last few years. Continue reading at:x First-timers breaking into Sydney's inner ring? A decline in rental demand is resulting in lower rents that ultimately impact home values in the region
1D ago 93 Views

Signs of property market recovery across many parts of Sydney has come to an “abrupt halt”

Todd White’s August Month in Review has outlined how the pandemic has created a shift in the nation’s diverse property market. For Sydney, the research shows varied results depending on the inner, middle and outer rings. “The residential property investor market has had some significant hurdles placed in front of it in recent years,” the report noted. “Tougher lender and regulatory requirements around investor loans, and the threat of removal of negative gearing and capital gains tax allowances prior to the federal election in May last year, significantly reduced the number of investors looking to get into the market. “However, with prices now falling and rental yields also under downward pressure, returns in the current financial year are likely to be significantly leaner,” Herron Todd White said. “Vacancy rates in the inner and middle-ring suburbs have been particularly hard hit since March, while the outer suburbs have continued to see a tightening vacancy rate.” Get details at: x ‘Abrupt halt’ felt by Sydney investors Signs of property market recovery across many parts of Sydney has come to an “abrupt halt” as a result of COVID-19, according to new research.
1D ago 10 Views

NSW: The Sydney residential market looks set to kick off spring

Over the past month 6000 new listings have hit the Sydney market, which is up 27 per cent on the same period last year. These early bird offerings have taken the total Sydney listings to around 20,000, which is two per cent less than the same time last year. So there is not yet an oversupply, but it could be coming. As much as the pandemic has and will continue to impact on listing volumes, and prices, life goes on for many.  The changing job landscape is likely to influence the market over upcoming weeks, and then well into 2021. Sadly much of it will be by employees who have lost their jobs, and business owners who have lost their business incomes. It has been investors rather than homebuyers who have moved quickly in reaction to pandemic, possibly with concerns about sustaining their rental incomes. Get details at: x Sydney market prepares for big Spring as 6000 prop... The Sydney property market looks set to kick off spring with a bang with 6000 new listings coming up for sale over the past month.
5D ago 216 Views

NSW: Sydney has seen its third straight month of home values falling

Sydney dwelling values have recorded their largest monthly fall in 16 months, as the coronavirus pandemic continues to affect the property market. The latest CoreLogic Home Values Index reports the median property value across Sydney dropped 0.9 per cent to $866,110 during July. The median price of a freestanding house was $1,002,107, 1.0 per cent lower than at the start of July, while the median unit price was $747,238, 0.7 per cent lower. The fall is being fuelled by homes at the top end of the market, which have suffered more a substantial drop in value than cheaper houses. “Urgent sales are likely to become more common as we approach these milestones, which will test the market’s resilience,” he said. CoreLogic reports new listings are up 46 per cent from the recent lows of early May and are now at a similar level to a year ago. Source: x Sydney property prices record largest monthly fall... It is getting increasingly cheaper to buy in Sydney with the city recording its third straight month of price falls as the coronavirus pandemic continues to impact the market.
8D ago 207 Views

Commute from Quakers hill to sydney CBD

Hi What is the best way the get from Quaker hill to sydney CBD?
10D ago 43 Views

NSW: New commercial developments in North Sydney come two new residential projects in the area

Hot on the heels of the major announcements about more than $1.5 billion worth of new commercial developments in North Sydney come two new residential projects in the area. Sydney property fund manager WINIM has been given the green light to develop 17 luxury terrace homes at 37-43a Garland Road, Naremburn. “Naremburn is a bit of a hidden suburb,” he said. “Buyers want to be close to all these things (trains, buses, retail and restaurants) but they don’t want to be right in the heart of it.” Prices have yet to be set for the terraces, but are expected to start around $2,750,000. Get details at: x New raft of residential projects to complement Nor... Hot on the heels of the major announcements about more than $1.5 billion worth of new commercial developments in North Sydney come two new residential projects in the area.
10D ago 29 Views
6 online
Avneet Kapoor
Dhruv Chaudhary
Justprop Team member
Paul Zack
and more ...