It’s the steepest annual increase since Domain records began in 1993, with house prices in half a dozen regions rising more than $500,000.
“The rapid escalation in price is proving to be a significant financial barrier to entry for buyers and upgraders against a backdrop of low wage growth,” Dr Powell said. Westpac senior economist Matthew Hassan said Sydney had seen spectacular growth but prices were likely to moderate and even fall by the end of the year as interest rates rise. Westpac increased its fixed rates for owner-occupier and investor loans last week and has predicted an August cash rate rise of 15 basis points.
Weaker growth across the two regions, which had been standout performers during the pandemic, showed conditions were easing, Dr Powell said. “It was always a bit disheartening, especially when you talk to agents and they say a property will go between $800,000 and $1 million and you think ‘okay we could probably do that’, then at auction it ends up going for $1.3 to $1.4 million,” Mr Kastner said.
Time to have a look at the policies of The_NewLiberals
This is bizarre!
Nekt minute
I wish I'd bought in Sydney. Not even a one in 100 year pandemic can stop a property boom. Bulletproof!!