9News: Property Prices Plunge

Property Prices Plunge

Peter Overton: It’s now a little cheaper to purchase a home in Sydney, with average prices noticeably off their peaks from mid-last year

But, the falls very much depend on where you live or where you’re looking to buy.

Ross Greenwood: The average Sydney house is now worth just under $1.05 million.

Apartments – $762,000

Tim Lawless: Sydney’s market peaked in July last year and has seen value fall by only three per cent after a 75 per cent increase

But even a three per cent fall means a big difference for first home-buyers like Luke Stocks.

Luke Stocks: $100, $150 – maybe $200. That little bit makes all the difference I think.

Ross: And like Shawn, who is looking to upgrade from his apartment to a house.

Shawn Glick: Yeah, I think it softened at the end of last year but obviously that doesn’t mean anything on the market for at least a couple more months.

Ross: It’s no crash, but there is a genuine cooling. What seems to be happening around Sydney is investors – foreign and local – have slowed down their buying. So, prices at the other end of the markets are coming off.

But in their place, first home buyers are entering affordable suburbs – perhaps their first chance for almost five years.

The State Government played its part with giving First-Home Buyers a $10,000 grants for properties up to $600,000. Plus, no Stamp Duty on properties up to $650,000, and reduce stamp-duty up to properties on $800,000.

Dr Nicola Powell: So the state Government incentives to First-Home Buyers really has seen a resurgence of First-Home Buyers in the New South Wales market.

Ross: This has caused prices in affordable suburbs to hold up but the majority, in more affluent areas such as the Northern beaches, the East, North Shore and Inner West – home prices have fallen harder.

Tim Lawless: It’s the higher end of Sydney’s market that seems to be softer

Ross: The real test is in the coming weeks, with more homes expected to be for sale.

John Hammond: You definitely find a fair bit is coming on this week, and next week you’ll find a fair bit of stock across all price points.

Ross: Ross Greenwood, Nine News

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