Real Estate Sydney - Real Estate NSW

Real Estate Sydney NSW

Sydney is located on Australia's east coast. Built on the shores of Port Jackson, the harbour is the focal point of the city. Its beaches, coves, bays and parks offer dramatic scenery and a wide variety of leisure activities.

Three separate reports confirm what many sellers and agents have been saying for months: Sydney house prices are heading south. Just how far and how fast is debatable as analysts differ on what method of data gathering is most accurate. What is clear is that Sydney’s high cost of housing has forced many first home buyers out of the market, while the State Government’s vendor tax has been blamed for an exodus of investors. Further ahead, prices are forecast to remain soft over 2005, with even bigger falls likely should interest rates rise. 

The heat has been coming out of Sydney’s property market since mid 2004. The latest L.J. Hooker/BIS Shrapnel Residential Property Index confirms that prices remained on the low side over the first quarter of 2005, with Sydney’s price index declining 1 per cent. A separate index by the Housing Industry Association and the Commonwealth Bank released last month found that Sydney’s median house price fell 0.5 per cent during the quarter and 13.4 per cent over the year.
 
Prices in Sydney have come back to "realistic levels", says Pierre Dupre, a senior valuer at Eagen National Valuers. Vendors, especially of established properties, may still be under the impression, they can hold out for higher prices but buyers are no longer feeling rushed, he says.

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