Market Update 2022
The Sydney housing market (statewide data) slowed down in the third quarter of 2022 as increasing inflation and soaring mortgage interest rates finally caught up with most market players.
Many buyers looking to purchase a home have lost eligibility for a mortgage or are unable to purchase a home in the present economic situation, resulting in a precipitous decline in buyer interest.
As borrowing costs continue to rise, many buyers and sellers are choosing to wait while the market resets before making their next move.
Up until June this year, the Sydney real estate market has been booming year over year. Sydney home prices nearly doubled over the last decade.
Where prices head in 2023 is still unpredictable, and mainly affected by future unemployment figures.
In the long term, however, we must be mindful that Sydney has a track record of being one of the best long-term real estate investments in Australia.
I wish to thank you for your loyalty in 2022.
Enjoy your Christmas Season, cherish what you have and appreciate those you love. I hope that the coming year will be one of optimism, happiness, contentment, and plenty of success.
Regards
Francesca Luccitti and the Cumberland Realty Team