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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.

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