Chinese buyers are buying one in four new homes in NSW, supporting prices in the state even as the property boom ends.
Sydney’s housing market was one of the worst performers, with the median house price falling 1.9 per cent to $1,167,516 in the first quarter of the current financial year, according to a Domain Group report released on Thursday.
However, Domain, which is owned by Fairfax Media, says inner city and eastern suburbs prices dropped 6 per cent in the same period.
Sydney’s housing market boom has come to an end after the median house price fell 1.9 per cent to $1,167,516 in the first quarter of the current financial year, according to Domain Group (stock image)
The inner city and eastern suburbs took the biggest hit with prices dropping 6 per cent in the same period (stock image)
The apartment market has seen similar losses, dropping by 0.8 per cent to $732,321 (pictured)
The apartment market has seen similar losses, dropping by 0.8 per cent to $732,321.
More markedly, on the north shore, unit prices dropped 6.7 per cent to a median of $900,000.
Sydney’s median rent of $550 per week for a house remained steady, as did the median rent for apartments.
Yet the continuing interest from Chinese buyers, revealed in an analysis by Credit Suisse, will ensure the prices don’t drop too far, experts say.
Continuing interest from Chinese buyers, revealed in an analysis by Credit Suisse, will ensure the prices don’t drop too far, experts say