Investors shy of Sydney’s turning property market
Prices in the Sydney property market fell by 15 per cent during 2004, with 3,000 fewer investors buying properties each month, according to the Real Estate Institute. The number of auctions listed for the spring season fell by almost 50 per cent and the spring sales were at their lowest since 1988. Investment in residential property fell to about $2.1 billion each month, compared to investment in residential property of $3 billion a month in 2003. According to the Fairfax Home Price Guide, sellers were typically accepting an 8 per cent discount on asking prices to achieve a sale. The average time a property is on the market before selling is now 83 days, compared with 57 days this time last year.