Sydney's property prices will inevitably fall for 18 months — and "maybe even beyond that" — because of coronavirus, an economist has warned.Economist Sarah Hunter says landlords could look to sell, but prices could decline for 18 monthsWhile it may not be a sharp drop in prices, BIS Oxford Economics chief economist Sarah Hunter believes a sustained decline in property prices looks inevitable as Australia's borders remain closed.
Demand for rental properties is dropping on the market due to the lack of international students, tourists and overseas workers living in Sydney. In Sydney's CBD there were more than 1,200 empty homes in June, compared with 764 at the same time last year. For the first time in years, tenants have the confidence to upsize or look for more affordable options in the rental market.
Lets hope they crash.
Oh no not the home owners! Australia's forgotten people.
Well, I guess how grim depended on whether or not you have bought into Sydney's overpriced property market in recent years. Others my well find this to be great news.
Great news for housing affordability.
Wouldn't know it my neighbour tiny 3 bed in normanhurst 1.45 mil last week. That's insane why wld u pay that much
It's made it worse. But always going to Happen. THEY sold IT TO you way over priced, and they'll buy them back when you fall
Incorrect headline housing Sydney house prices - amazing affordability just around the corner
LydiaLFeng sarahjhunter84 Why is a drop in house prices grim? That's good news for affordability, lower Council rates and less destruction of suburbs from new big mansions, flats and apartment towers
Perth house prices to boom
So basically migration is what's driving house prices up? Let's stop migration to help the vuneralble who are priced out.
That’s great news. Maybe my nephew can afford his first property. Cause right now it’s completely out of reach for someone young
Haha
fuck landlords forever
Rarely a property was available for sale, now there are many. I remember in 2015 buyers were paying 2million + for a tiny run down, 2bed 1bath townhouse, in the eastern suburbs. This snap shot taken from Domain today, Ive never seen it like this.
You know you’re in Sydney when, with people actually dying, all people care about is the ”value” of their investment properties.
Grim warning should have been when the first FHB found it impossible to buy a house.
Unsurprising outcome is unsurprising.
What’s “grim” about a housing market becoming slightly less unaffordable?
Worst treason in this country's history. Scum.
Challenging means more affordable in this story, doesn't it?
Oh nooooo how terrible now millennials will be able to afford to get into the housing market... Ohhhh nooooo
The supply and demand in the real estate sector was grim, literally no houses for sale in certain areas, rental only.. those greedy people, now want to sell their stocks.. im here for it... sink the prices!
You know what I just love about this, all those rude & ego inflated real estate agents who used to have a line of people out the door of every rental, now have none. They might even have to be nice.