Early signs the Sydney’s housing market may be starting to turn in favour of the buyer: Tim Lawless
Sydney's property market may soon turn with CoreLogic research director Tim Lawless suggesting conditions will start to favour buyers according to the June CoreLogic Hedonic Home Value Index.
He said homes in the city are taking longer to sell and vendors are starting to offer larger discounts on their asking prices in order to make a sale.
"The typical Sydney home is now taking 40 days to sell compared with 26 days a year ago and discounting rates have risen from 5.5 percent a year ago to 5.6 percent,” he said.
Some positive news for Sydney buyers is that there are early signs that Sydney’s housing market may be starting to turn in favour of the buyer.
“In balance, Australia’s two largest cities are facing increased affordability challenges that are likely to negatively impact the trajectory of dwelling values and activity as more prospective buyers are blocked from the market.
The CoreLogic Hedonic Home Value Index for June notes Sydney auction clearance rates have shown a noticeable improvement since December 2015 with Sydney clearance rates higher than 70 percent so far this year and the last two months posting clearance rates in the middle 70 percent range. Melbourne auctions have been around 70 percent to high 60 percent week to week in 2016.
