Could the measures (on foreign ownership) in Australia be contributing to the slowing in Sydney Real Estate?
The median price of homes in some Sydney suburbs which broke $1 million in the recent boom are now tumbling as the housing market cools.
According to Domain Group’s March 2016 house price data, at least 11 suburbs in Sydney had their median house price fall below $1 million from September to March. …
“The nouveau riche suburbs are having to recalibrate their mindset of having a million-dollar median,” Domain Group senior economic Andrew Wilson said noting that the decline in million dollar suburbs would most likely continue.
Recent data shows house prices in Sydney are pulling back up with a median house price of $807,500 and median unit price of $665,000.
The property boom has been fuelled by record-low interest rates and an influx of foreign buyers encouraged by the falling Australian dollar over recent years.