Saturday, August 13, 2022
International

Sydney’s property sector showing signs of slowing down

Sydney property

Core Logic data shows Sydney’s soaring market dipped a modest 0.1 per cent in February, signifying first pullback since September 2020

Sydney’s out of control property sector is finally showing signs of slowing down, potentially opening the door for young families and first home buyers who have been locked out of the market during the pandemic boom.

Real estate guru Tom Panos told Daily Mail Australia ‘we’ve gone from nuts to normal market’ with prices declining for the first time in 17 months in February.

He expects March data to continue to show a further drop off with noticeably less people attending auctions and inspections, and a larger number of sellers forced to reduce their reserve price.

If you have a property in the bottom 25 per cent of a suburb, you’re being impacted, the acclaimed real estate coach said.

If you are on a busy road, you’re being impacted. If you are not in the right school catchment areas you’re being impacted, he said.

I did an auction on Saturday at a property that ticked all the boxes but it had power lines nearby. So when the market changes, all of a sudden things like power lines, it matters, he said.

Panos said the slowdown is not hitting certain areas harder than others, with the fall ‘less about suburbs and more about price ranges’.

Ironically the $10million price market, wherever you are, that market has stayed resilient. It’s stronger than ever likely because of the return of expats after Covid, he explained.

With that being said, Panos underscored that Sydney’s Inner West currently represents the best value for buyers.

Suburbs like Newtown, Enmore, Summer Hill, Haberfield and Stanmore are among his top picks for those looking to snatch up a bargain.

Core Logic data shows Sydney’s soaring market dipped a modest 0.1 per cent in February, signifying first pullback since September 2020.

But the median value of a house or an apartment in the Harbour City remains at about just over $1.1million.

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