Heartbreaking News For Sydney Home Buyers
We've got some bad news for Sydney home buyers today.
Data released last thursday has revealed that property prices in Sydney have reached an all time high, with $1,151,565 being the median house price in the March quarter.
Statistics from the Domain Group have shown that the cost of housing in Sydney has grown a whopping 13.1 per cent in the past year.
But, this high price does not mean that buyers are guaranteed a proper house, with a two-bedroom cottage on a mere 126 square metres selling for $1.15 million in Leichhardt recently.
For people looking for something a bit bigger, they will have to venture out of the CBD area, with four-bedroom homes selling at this same price in places like Kellyville.
These shocking revelations mean that people hoping to buy into the Sydney housing market will have to keep looking further away from the heart of Sydney if they want to find a somewhat affordable detached house with a yard.
But Domain Chief Economist, Dr. Andrew Wilson, said in a statement that this is good news for regional markets who are, "seeing growth as more Australians across the board consider the affordability and lifestyle advantages of moving outside the capital centres."
Alternatively, if moving further away is not for you, people have the option of purchasing apartments or renting.
But prices in both of these categories are also on the rise, with the cost of apartments in sydney increasing by 6.1 per cent over the year.
In a bit of good news, Dr. Wilson believes that "house price growth rates have actually slowed this quarter and were well below the 4.0 per cent recorded over the previous quarter."
So what can we expect for the future?
Well, many economic experts are speculating that housing prices will HAVE to plateau at some stage, as we are getting to the point where Sydneysiders can't afford to buy at all.
But when this will actually happen is yet to be determined. Lets hope it's in the near future.