Sydney property prices fall

Recent figures released from Australian Bureau of Statistics (ABS) show that Sydney was one of two capital cities where property prices fell in the final quarter of 2015.  This drop was the first time since the beginning of 2012 were Sydney recorded a drop in residential property prices.

Sydney had a drop 1.6 per sent for the quarter only a few points off Darwin who had a drop of 1.8 per cent to end 2015.

However over the course of 2015 Sydney was still the highest performing capital City in Australia with residential property prices up just under 14 per sent over the year. Melbourne was the next best performing city with value growth of 9.6 per cent and Canberra saw a healthy return of 6 per cent.

Perth and Darwin were the only capitals which went backwards throughout the course of 2015 with -2.9 per cent and -3.2 per cent.

Tom Kennedy of JP Morgan made comments on the figures which were released this week “Sydney result needed to be viewed in the context of a booming few quarters previously, and the market still looks frothy with annual growth rate of 13.9 per cent over the year”.

“The monthly house price data indicates Sydney dwelling price growth has continued to cool in the first quarter, a theme we expect to persist this year,”.

Well with Sydney expected to still have a housing shortages up until around 2020 unless construction increases from its recent boom it’s hard to see residential property prices to slip too much.

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