Sydney housing boom ‘over’
22 October 2015 by News Desk
The housing boom in Sydney has ended, say industry experts, following a sharp fall in house price growth.
House prices in Sydney have risen by a wallet-busting 21.7% in the past 12 months and the average cost of house in the city is now $1,032,433.
It’s a rise of 3.2% over the September quarter – and the lowest quarterly level of growth since March 2014, according to property specialists Domain.
The price of a unit in Sydney increased by 1.5% over the quarter to $673,182 – a rise of 15.1% over the past year. But price growth has fallen by over 50% and is still falling.
Darrell Todd of thinkingaustralia says: “House price inflation is falling steadily and, while prices will continue to rise for some months yet, it is clear that the property boom in Sydney is over.”
