The massive price growth of property all over Sydney has come to a halt, as rising interest rates means buyer borrowing is less affordable.
Figures from CoreLogic show unit values in 50 percent of analysed Sydney suburbs and house values in 10 percent of Sydney, are below their March 2020 median.
With values back to pre-pandemic values, less properties are now entering the market, making it harder for those who would like to buy.
Buyers Dimitri and Sonia Plastiras spoke to The Sydney Morning Herald about their journey to buying a new property after selling in the Sydney suburb of Annandale.
“We thought it was probably a good time to upsize,” the couple told the newspaper.
Dimitri told The Sydney Morning Herald he was glad to have sold last year as the value of their house has dropped by 24.3 percent, but said they now face the challenge of low supply levels in houses.
And while the couple are not in a huge rush to buy, Sonia and Dimitri note time is on their side and they are “not holding out for the bottom [of the market].”
Source: The Sydney Morning Herald
