Expert: Australia's real estate scene no longer bears the brunt of Sydney
Dr. Andrew Wilson, a senior economist at the Domain Group, said that Australia's real estate price increase will become "flat pancake" in the next 10 years, even in Sydney. The boom in real estate resources has passed, and investors will soon lose interest. "Our housing prices will no longer have a big increase." Dr. Wilson said.
Even Sydney, which has a very outstanding performance in real estate price growth (9% in the September quarter and 38% last year), has slowed down from last year's growth. "Investors will be less and less interested in residential properties in Sydney and begin to seek other types of asset investments," he said.
Data released this week showed that in the September quarter, except for Sydney, the housing market in other capital cities in Australia experienced a “general regression”. It is understood that prices in Canberra have fallen by 9%, prices in Perth have fallen by 1.7%, Brisbane and Hobart have fallen by 1.5%, Adelaide has fallen by 1.3%, and Darwin has fallen by 1%. In addition, Melbourne's house prices rose by only 2.9%.
Below, let's take a look at the list of Sydney real estate prices in 2014:
In the past year, the Lower North of Sydney has become the area with the strongest housing price growth in Sydney, with the median house price soaring from A$110 million to A$160 million. New data from Domain Group show that in the past year, 117 suburbs in Sydney have seen house price growth of more than 20%, and Artarmon is one of them. Ryde and Epping in Sydney’s northwest have performed well. House prices have risen by 30% this year, while Hurstville and Rockdale in the South have also increased by more than 30%.
However, three Sydney suburbs have fallen in house prices in the past year, including Bellevue Hill and Woollahra.
Homeowners in Sydney’s hottest suburbs have joined the real estate war. Yesterday, 700 houses in Sydney were put up for auction. In the next two weeks, more than 800 houses in Sydney will be sold for auction. Many sellers are attracted by the auction prices of their neighbors.
In Epping, Sydney, many Chinese robbed houses, resulting in a 30.9% increase in house prices this year. The behavior of Hifu Enterprises China has more or less promoted the increase in housing prices in the area. Recently, the company bought 10 houses in one go, each priced at 280 million Australian dollars. Another Chinese company, SJD Epping, recently bought 8 houses in one go, each priced at about AU$375.
Domain Group senior economist Andrew Wilson said that the growth in housing prices in these suburbs proves that investors are not alone in pushing up housing prices.
Sydney Morning Herald