|Article sourced from Bloomberg.
By Sybilla Gross, 8 Aug 2019, 5:00 AM
Still, the rebound isn’t good news for everyone. Despite the two-year slump, Sydney is still home to one of the world’s most expensive property markets, with a median house price of A$864,993, according to CoreLogic. Even now, home values are only back to where they were in early 2015.
Getting a foothold in the market is still out of reach for Christie Anderson, 39, her husband Aaron, 40, and their four children.
“We decided to have a family and buy later,” Christie said. “Now we’re out of the market.”
And not everyone is convinced the property market has bottomed. More houses may soon hit the market as the peak Spring selling season starts, and Sydney and Melbourne are set to be swamped by a glut of apartments, potentially making it a buyers’ market again.
“When Spring comes and there’s more stock on the market, that will be the true test,” said Allison, the real estate agent, adding that he isn’t getting “too carried away” just yet.
Quantum Research Comment
“We are selling apartments at list price, and in Sydney at a 5-7% discount and that was in the first half of 2019, moving into late 2019 prices have established. The Blomberg article that a 80,000 over-supply in apartments is somewhat over-simplistic, with new demand at a standstill and new buyers entering the market are 77,000 children complete HSC each year that eventually want to own a home. In March 2019 ABS state that in March ’19, only 17,000 new Apartments commenced, down 50% from its high in March ’16…”
Peter Gribble 10/8/2019