Sydney property prices are tipped to continue dropping for the rest of 2018 and perhaps even beyond. The ANZ has tipped that prices could fall a further 10% in the coming months.
What does this mean
It means that it is the perfect time to be buying. If you are in a position to buy and you can get the finance you need there is potential for a great buy when it comes to Sydney property.
With the lenders tightening their financial strings many potential buyers have dropped out. So with less demand, the prices drop and this is the biggest drop since the GFC in 2008.
According to news.com.au – Figures showed the number of buyers actively looking for a home dropped by nearly a quarter over the past year, pushing the median price of a Sydney house down 14 per cent and the median unit price down 7.9 per cent.
So where does that leave potential buyers
If you are a potential buyer who can use the equity in your home you are well positioned to get a great investment property purchase. Interest rates are low and you won’t have to face some of the lending restrictions of people without home equity. This combination of lower property prices, built-up equity, tightened lending restrictions and low-interest rates leaves it open for investors in the right financial position to think about refinancing their current mortgage and look for new opportunities. Are you looking?
Buying Property
Buying property is a great way to invest in your future. We are fortunate in Sydney as there is long-term consistent growth so you can expect that over time your investment is going to grow in value. Have a read through our other articles to find more hints and tips about buying property and contact us for the conveyancing on your next property purchase.