GREAT News For People Looking To Buy In Western Sydney
At times, the idea of one day owning your own home seems like more of a dream than an actual, achievable feat.
But there's some good news for those hoping to get their foot on the property ladder, with a reported dip in property prices in three Sydney areas.
According to Domain, the past six months have seen a drop in the average price of an apartment in the south-west, west and Canterbury Bankstown of 3.3 per cent, 1.3 per cent and 0.4 per cent respectively.
That brings the median price of an apartment in the Canterbury Bankstown area to $520,000, down one per cent in the last 12 months.
Domain's chief economist Andrew Wilson is putting the drop down to the "Icarus Effect", which sees housing prices rise so high that residents simply cannot afford to buy.
"They reached for the sun and now their wings are melting," Dr Wilson explained. "Strong prices growth pushed prices out of reach and now these areas are in pause mode as they've reached an affordability barrier."
Conversely, the asking price for an apartment in the northern beaches has jumped by a whopping 6.9 per cent since July last year.
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