Ensure you never miss an issue of the
real estate business bulletin
Rising rates force down property prices

Rising rates force down property prices

by Reporter 0 comments

Staff Reporter

Making headlines today, The Sydney Morning Herald has reported that residents of Sydney's inner west are lowering the asking price on their home by up to 6.3 per cent in order to achieve a quick sale.

The threat of rising rates has caused the median house price to drop 2.07 per cent over the past three months.

This drop eclipses the 1.9 per cent quarterly fall recorded at the heart of the GFC.

But the news is not all bad. According to Residex chief executive John Edwards, house prices are still expected to climb year on year.

Median house prices remain high at $663,000 with an expected growth rate of 3.22 per cent per annum over the next five years, Mr Edwards said.

 

Rising rates force down property prices
lawyersweekly logo
FROM THE WEB
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

The REB Top 100 Agents ranking is the foremost ranking of agents in Australia. It has set the bar for excellence in Australian real estate. To be ranked as an REB Top 100 Agent is the standard real estate professionals strive for. See the full 2018 ranking here!

featured podcast

featured podcast
Turning a shy personality into a confident agent

McGrath Epping’s Betty Ockerlander is number 15 in this year’s REB Top 100 Agents ranking, a position earned through her dedication to ...

View all podcasts

What keeps you awake at night?

The threat from the so-called digital disruptors like the property portals, DIY models and lead generating platforms
Competition from other agents in my local catchment area
Changes in the traditional real estate model and an uncertain future for the industry
The current cooling markets and other economic influencers
Nothing. I back myself to meet the challenges ahead
Do you have an industry update?