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Home prices drop for the first time in 1.5 years in Sydney where Melbourne rises

While Sydney housing market values fall 0.1 percent where Hobart and Melbourne continue to record it’s growth.

According to a new report – Sydney’s housing values are now exhibiting the signs of slowing, as the prices have dropped for the first time in 1.5 years. The significant growth in home values has been noted in the month of September Victoria’s Melbourne and Tasmania Hobart.

For the first time in Sydney’s property market has been recorded 0.1 percent fall in the last 17 months i.e 1.5 years.

Home valuers said – the figures showed the housing market was clearly losing energy and enthusiasm and the bank’s tighter credit rules were affecting the housing market as it is putting a direct impact on the affordability.

The slowing Sydney real estate property market where capital gains have blocked is directly putting an impact on the combined capital growth trends – added by Sydney home valuer. Across the three months, Sydney’s housing market only up by 0.2 percent, while analyzing the annual property growth has been fixed to 10.5 percent from 13 percent in the month of August.

However, expect Sydney other capital cities of Australia housing markets continued to grow during that time. Housing prices in Melbourne increased by 0.9 percent in the month and 2 percent across the last three months, while Tasmania (Hobart) recorded as the fastest growing capital city grew by 1.7 percent and 3.4 percent in the same span of time.

Where some capital cities were showing positive signs some were showing the negative side. The Housing prices go down in Perth and Darwin where Brisbane and Adelaide were showing some positive growth in housing values. It might be seen that housing values are going down but the rental values of homes are increasing.

According to the report, the capital cities rents have risen by 2.8 percent which was raised by .8 percent only last year ago which is quite a big and positive difference. A year ago the housing rental growth has increased from 2.2 percent to 4.8 percent in Sydney, while rents in Melbourne are now tracking at 4.8 percent, up from 2.4 percent a year ago. In Hobart, rental rates are growing even higher than Melbourne.

According to the home valuers -The presence of first-home buyers is increased in the property market. In New South Wales and Victoria, the activities of the first home buyers are noted at high rates as first-time home buyers took benefits of the stamp duty concessions. The number of first time home buyers increased in New South Wales by 28 percent and in Victoria by 11 percent across in a month of June and July. The first home buyers are trending towards the states where stamp duty rules are unchanged which gives them a sense of comfort.

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