As of November 2015, the prices of Sydney dwellings have been cut down to at least 1.4 percent lower, which is the most in the past five years. Several factors have contributed to this state of affairs: the slowing of Chinese demands, the raising of mortgage rates as well as the complaint of buyers regarding record home values.
The notable drop in prices has definitely come at the expense of three years of price gains that have turned Sydney into one of the more expensive places in the world to purchase a home. Prior to the price cuts, the prices have risen to 44% over the past three years. Martin North, a Digital Finance Analytics principal stated his expectations that prices are to fall between 5 to 10 percent over the next year, provided that an interest rate cut doesn’t occur.
