Sydney properties going down the gurgler

  1. 8,034 Posts.
    It has to start somewhere, wait for this contagion to hit Melbourne..

    Sydney's house slide by '$50,000'

    SYDNEY house prices dipped by an average $50,000 during October, prices for terraces dropped by $36,000 and units by $10,000, according to property specialists CPM Research.

    The Sydney property market – swinging in favour of buyers rather than sellers – saw auction results reach the lowest point this year, auction figures revealed.

    Despite agents claiming high auction attendances and strong clearance rates, the figures indicate the pendulum is swinging.

    In a clear sign the Sydney market is cooling, auction results reached a low of 67 per cent during October, property information specialists CPM Research said.

    This is a slump of 17 per cent since the April high of 84 per cent.

    "Clearance in the range of 60 to 65 per cent has historically been the point when the market moves from being a seller's market to a buyer's market," CPM Research managing director John Wakefield said yesterday.

    He said the top end of the market was hardest hit, with houses over $1 million reaching a clearance rate of only 64 per cent last month.

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