Home sales fall in NSW

Font size :
The volume of houses sold in NSW fell in the first quarter of the year as homebuyers stayed on the sidelines, new data showed. The Real Estate Institute of New South Wales (REINSW) data revealed that overall home sales in the state dropped by 6.8% while property prices fell by 2% in Sydney. Amongst the hardest hit were Ashfield, with sales volumes falling 37% in the period, and in Penrith by about 30.70% in the first three months of the year. REINSW also reported that property prices fell by 2% in Sydney and grew only by 0.2% in NSW as a whole. Only Newcastle properties managed some gains, with property prices rising by 3.82% in the same period. With prices falling by 2.89%, homebuyers snapped up well-located properties in Blacktown, pushing sales volumes up by 140% on 1993 sales. Sutherland is also popular, with total sales rising by 904 which is a volume growth of 82%. Cristine Castle, president of REINSW, said the older suburbs around Sydney have been favoured during the last quarter. "It is about people staying with the tried and tested. Access to good public transport, the water and other lifestyle factors is what people want," Castle said. April 2007 Sydney vacancy rates (1.4%) resulted in a once again tight rental market, and the REINSW has said the demand for the rental market outstripping supply has pushed rents up. "Until we see investors encouraged back into the property market we won't see an easing of rental conditions," said Castle.

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan

Mortgage News and Articles

How to tell when a housing market is cooling How to tell when a housing market is cooling

You need to check clearance rates, listings, and the price gap, among other factors Read more

Growing demand for green apartments in Sydney Growing demand for green apartments in Sydney Both owner-occupiers and investors favour eco-friendly buildings for their energy-saving features and reduced environmental footprint ... Read more

Are property investors as rich as they appear? Are property investors as rich as they appear? A multi-property portfolio doesn’t guarantee easy millions ... Read more

Be proactive about getting a better mortgage deal Be proactive about getting a better mortgage deal Apathy could be costing you a considerable amount of money over the lifespan of your loan ... Read more

More mortgage news and articles

Sponsored Links

Wednesday, Sep 20, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords