House prices in Sydney have had the biggest fall since 1993... Supply issues push Australian cities high up the list of world's least affordable...
Sydney house prices drop most in 20 years
House prices in Sydney have had the biggest fall since 1993, falling 3.1% in the December quarter, according to the latest Domain Group figures, the Australian Financial Review reports.
Unit prices also dropped 2.8% from the September quarter and Domain senior economist Andrew Wilson said the decline was mainly a reflection of slumping confidence in Sydney given that a shortage of dwellings, continued migration and strong economy continue to underpin a growing housing market.
"This is a sentiment-driven outcome," Dr Wilson said. "It's fragile and buyers and sellers have scurried back into bunkers for the December quarter. Those that sold had to ask what the market offered at the time. It's a question of when sentiment will turn around."
In depth: Justin Doobov: Broking at the top
Supply issues push Australian cities high up the list of world's least affordable
Housing prices in Australia’s two biggest real estate markets have been ranked among the world’s least affordable according to a recent survey.
Sydney and Melbourne this week both received the dubious honour of being ranked inside the top 10 least affordable major metropolitan housing markets in the latest edition of the Annual Demographia International Housing Affordability Survey.
Sydney claimed the number two position on the list, with the survey claiming a median home in the city will cost buyers 12.2 times their median annual income.
Compared to the previous edition of the survey, buyers in Sydney now require an additional 2.4 times their median income to afford a median home, which is the largest annual increase recorded in the survey’s 12-year history.
Sydney’s increase pushed Vancouver to third place, with buyers requiring 10.8 times their median income to afford a median priced home.
Melbourne, in a three-way tie with Auckland and San Jose, claimed fourth place on the list, with a median home in the Victorian capital requiring 9.7 times the annual median income.
In depth: Taking a positive approach to industry change
House prices in Sydney have had the biggest fall since 1993, falling 3.1% in the December quarter, according to the latest Domain Group figures, the Australian Financial Review reports.
Unit prices also dropped 2.8% from the September quarter and Domain senior economist Andrew Wilson said the decline was mainly a reflection of slumping confidence in Sydney given that a shortage of dwellings, continued migration and strong economy continue to underpin a growing housing market.
"This is a sentiment-driven outcome," Dr Wilson said. "It's fragile and buyers and sellers have scurried back into bunkers for the December quarter. Those that sold had to ask what the market offered at the time. It's a question of when sentiment will turn around."
In depth: Justin Doobov: Broking at the top
Supply issues push Australian cities high up the list of world's least affordable
Housing prices in Australia’s two biggest real estate markets have been ranked among the world’s least affordable according to a recent survey.
Sydney and Melbourne this week both received the dubious honour of being ranked inside the top 10 least affordable major metropolitan housing markets in the latest edition of the Annual Demographia International Housing Affordability Survey.
Sydney claimed the number two position on the list, with the survey claiming a median home in the city will cost buyers 12.2 times their median annual income.
Compared to the previous edition of the survey, buyers in Sydney now require an additional 2.4 times their median income to afford a median home, which is the largest annual increase recorded in the survey’s 12-year history.
Sydney’s increase pushed Vancouver to third place, with buyers requiring 10.8 times their median income to afford a median priced home.
Melbourne, in a three-way tie with Auckland and San Jose, claimed fourth place on the list, with a median home in the Victorian capital requiring 9.7 times the annual median income.
In depth: Taking a positive approach to industry change
