The upward swing in Sydney house prices has continued through April. The median house price for metropolitan Sydney has gone from $850,000 in the first half of 2013 to $989,000 at the same time in 2014 up to a whopping $1.133 million today. The average price in Lane Cove is currently $1,548,750, according to RP Data.
Going forward, commentators are predicting another official interest rate cut either on or before the May meeting of the Reserve Bank. AMP economist Shane Oliver says borrowers can expect the cash rate to go as low as 1.5% this year in an unprecedented series of cuts. Oliver says a high unemployment rate, softening Chinese economy and high Aussie dollar will be behind the cuts, resulting in mortgage loan rates below 4%. Aussie Home Loans chairman John Symond says he also expects the cash rate to be at 1.75% by the middle of the year, although he doesn’t believe the cuts will have much more of an impact on property prices.
Sydney has been the market most visibly impacted by the Covid-19 period. The number of suburbs showing growth has dropped sharply and danger markets have doubled.We’re starting to see the emergence of a two-speed market, with suburbs near CBD centres that have a higher proportion of owner occupied properties showing … Read more
Savills Research have recently completed a global survey on real estate market sentiment. This was a survey to agents across a range of markets. In a promising result for property markets globally, 78 per cent of respondents said that most or almost all of the buyers in the areas … Read more