9.9% drop in property prices for Sydney in 2018
A recent report in the Domain.com.au website reports that Sydney’s real estate situation took a hit on values in 2018 as a 9.9% fall in prices was recorded ($120,000 in total value). A total of 11.4% drop has been seen since the mid 2017 peak. The fall in real estate value is apparently the worst for 20 years and coming up to comparing to the slump seen in 2004 – 2006.
A live value of real estate in Australia can be viewed here on the Domain website.
Sydney $1,062,619 -3.20% -9.90%
Melbourne $833,321 -2.10% -8.40%
Darwin $514,876 -0.40% -8.70%
The short term view on where values will go is not really conclusive with some seeing the downward trend staying around until past the first quarter of 2019.
The cooling of house prices offers hope for many first time buyers getting on to the property ladder.
Title image free from Pixabay.