Despite the recent market commentary on Sydney’s property market, the truth is there are still winners to be had from the recent downturn in property prices if you can get beyond the sensationalist press. And the winners are first home buyers as confirmed by CoreLogic’s research head Tim Lawless.
“Mr Lawless said that Sydney’s housing values are falling at a steeper rate than unit values, something that’s likely to be due to affordability. Younger buyers are benefiting from lower prices as they continue to enter the market.”
New data from CoreLogic shows “first home buyers have responded to stamp duty concessions and affordability is now improving.
“However the deposit barrier remains a substantial hurdle for this segment of the market,” Mr Lawless said.
Falling prices and stamp duty concessions suggests now is the best time to save for a deposit and enter the Sydney property market sooner.
Original article: The Australian, October 17, 2018
For the original article as it appeared in The Australian, click here.