Amazing News For Sydney Home Buyers
Sydney house prices have seen enormous price growth over the last five years, to an extent at which was unsustainable and many have labelled as a potential housing bubble.
Well, after tighter lending regulations were introduced over the last few months it seems that growth has now stalled, and according to data from May, even declined.
In Sydney, prices have climbed 75 percent over the last five years, but May saw a decline of 1.3 percent. It's the first time Australian house prices overall have fallen in 17 months.
Tim Lawless, head of research at CoreLogic - the leading property information, analytics and services provider in Australia, said, "The market has lost momentum, particularly in Sydney and Melbourne where affordability constraints are more evident and investors have comprised a larger proportion of housing demand."
While there has been a drop across Australia's capitals month-on-month (April to May 2017) of 1.1 percent, the data still shows an 8.3 percent hike year-on-year.
Sydney, however, wasn't the capital city seeing the biggest month-on-month decline, with Melbourne dropping 1.7 percent. Although Sydney still holds the crown of being the world's least affordable housing market, ranked only behind Hong Kong.
In other related news, the NSW Government today announced a stamp duty overhaul with no stamp duty payable by first home buyers for new and existing properties up to $650,000.