In recent months the Sydney property market has shifted from a seller’s market to a buyer’s market.
With all the negative news around inflation and interest rate rises, is there a silver lining? We believe a declining market presents unique opportunities for first home buyers and investors.
As a result of high inflation and increases in RBA cash rate, we are seeing an accelerated fall in property values across East Coast capital cities.
According to CoreLogic’s July update, growth conditions across Sydney have significantly weakened over the past three months with house values falling by 3%. The Sydney unit market has been slightly more resilient, due to relative affordability with values declining by 2.1%.
Although property values are falling and higher interest rates limit borrowing capacity, we believe the current market presents opportunities in finding good properties at great value. For example, lower auction clearance in Sydney enables buyers to negotiate price and other conditions with sellers. As your expert mortgage broker in Sydney, we ensure you get the best advice on your borrowing capacity where interest rates are changing every month.
If you are in the market and looking for property, reach out and we will guide you through the process. Buying your first home or investment property in Sydney can be a daunting task, especially in uncertain times, and we’re here to help.
For further reading on house values have a look at Core Logic here.