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.
Every child deserves to smile this Christmas. We’d like to send A Big Thank You to everyone who has contributed to our collection under the tree. We collected nearly 100 gifts half of which had already been distributed by Rotary last week. But there’s still time to donate. Our … Read more
Readers will know I have been relatively bullish on the Sydney property market for the past three years, especially on inner-ring suburbs close to the CBD and transport. There will come a time, perhaps this year, when market sentiment will change and we will experience a flattening of prices. I … Read more