Sydney property prices bomb as Hobart continues to boom, says HTW report

It’s been six months as the nation’s real estate engine rooms begin to slow. Regardless of the Reserve Bank of Australia keeping the brakes on cash rates! An analysis of the first half of the year shows apartment prices in western Sydney. And, they are bombing as Sydney property prices in Hobart boom.

Off-the-plan apartment buyers in Sydney’s west are selling below their purchase price because of Sydney property prices. This is because rising costs, falling prices and, in some areas, oversupply erode market sentiment.

Darwin and Perth continue to struggle, says property surveyor Herron Todd White. With mortgagee-in-possession auctions increasing as borrowers default on repayments and lenders take possession and sell the property.

Source: Duncan Hughes

www.afr.com

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