Sydney property prices will fall $60,000 further by December 2019, with Melbourne not too far behind, experts are warning.
Home values in Sydney have already fallen 11.1 per cent since their July 2017 peak, according to figures from CoreLogic. But finder.com.au’s panel of economists warn Sydney prices will likely fall another 6.30 per cent, or $58,275 before December 2019. That would bring them to a median value of $855,725.
Measuring from the current median house value, as of the August-October 2018 quarter, the experts predict Melbourne values will also fall 6.60 per cent, or $49,880 to a median value of $705,871.
Here’s what the other capital cities are in for:
Average of predictions from 7-15 economists, depending on city. Canberra
excluded due to small sample size. As October is the most recent data
available, price changes from October to December have not been taken
A buyers’ market?
“Remarkably, should these price drops eventuate as forecast, this would make Sydney and Melbourne property the cheapest it has been in four years,” insights manager at Finder, Graham Cooke observed, arguing buyers should use this to their advantage.
“If you’re buying in a falling market, negotiate to the point where you think it will turn.
“In other words, bargain for at least 6 per cent under the asking price in Sydney, or 7 per cent in Melbourne,” he advised.
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