Sydney a 'buyer's market' as property asking prices fall during COVID-19

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Key suburbs in the Sydney city are suffering a fall in asking prices due to conditions created by COVID-19. 9News

My Housing Market chief economist Dr Andrew Wilson says current market conditions are similar to those experienced a year ago, when buyers and sellers were largely dormant over fears of a sharp and sustained crash in home prices.

"With last years' experience as a guide, these conditions are likely to change sooner rather than later when coronavirus restrictions are lifted and the economy revives, hopefully sooner rather than later," said Dr Wilson.Three weeks ago the Federal Government banned auctions and open inspections, restricting agents to scheduling private appointments with interested buyers.

 

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How sad

As far as Sydney median house prices are concerned, it’s a long overdue correction to the market. Over inflated prices. What hope did young families starting off have? This is a good thing.

Good

It ain’t coming back

Oh well happens when you think your in a good thing and it then returns serve

Hasn't it been overpriced for years?

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