{"id":1435,"date":"2018-10-05T07:00:00","date_gmt":"2018-10-05T07:00:00","guid":{"rendered":"https:\/\/www.realtrends.com\/blog\/2018\/10\/05\/sydney-leads-the-decline-of-australias-housing-market\/"},"modified":"2025-03-13T02:22:44","modified_gmt":"2025-03-13T02:22:44","slug":"sydney-leads-the-decline-of-australias-housing-market","status":"publish","type":"post","link":"https:\/\/www.realtrends.com\/blog\/2018\/10\/05\/sydney-leads-the-decline-of-australias-housing-market\/","title":{"rendered":"Sydney Leads the Decline of Australia\u2019s Housing Market\u00a0"},"content":{"rendered":"<h1>Three key areas are leading the change in the market<\/h1>\n<p>After a decade-long boom in the Australian property market,&nbsp;things have changed and buyers, sellers,&nbsp;and investors&nbsp;have to&nbsp;proceed with their eyes wide open.&nbsp;Three key areas&nbsp;are&nbsp;leading to the change in the market.<span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/p>\n<p><!--more--><\/p>\n<h2><strong>Reduction in Demand<\/strong><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/h2>\n<p>The first is the reduction in demand for residential housing, especially the more expensive markets in Sydney and <a href=\"australias-gold-coast-market-outshining-sydney-and-melbourne\/\">Melbourne<\/a>. According to CoreLogic, national property values have fallen for nine months in a row with the most pronounced reduction in Sydney, where property values have dropped nearly 5 percent&nbsp;over the last 12 months. This&nbsp;is in addition to a drop of 22 percent&nbsp;in demand for the homes in Sydney,&nbsp;according to The Property Outlook report&nbsp;for July by <a href=\"https:\/\/www.realestate.com.au\/buy\" target=\"_blank\" rel=\"noopener\">realestate.com.au<\/a>, which measured demand as the number of property views compared with the number of property listings on the premier property portal.<span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/p>\n<p>The upward pressure of property prices in Australia has led to the reducing homeownership numbers. In the 30 years to 2016, the proportion of 25-to 34-year olds who own their own homes&nbsp;dropped&nbsp;from 60 percent to 45 percent. For those aged 35-to 44-years old, the proportion fell from 74 percent to 62 percent. People who had never purchased a home by the age of 45 probably will never own a home.<span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/p>\n<p>In 2018,&nbsp;there appears to be a big move by buyers to consider living in regional cities and towns where prices are more affordable,&nbsp;and transport links have been upgraded. Demand&nbsp;has risen by nearly 50 percent&nbsp;in cities such as Geelong, Ballarat,&nbsp;and Launceston. Tasmania, an island off the South Australian coast, with the most interesting diverse economy, has seen demand rise by nearly 40% in recent months.&nbsp;<span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/p>\n<h2><strong>Banks Stopped Lending<\/strong><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/h2>\n<p>Secondly, the banks in Australia have recently stopped lending for property investment purposes, and banks are scrutinizing borrowers\u2019&nbsp;spending closely. The ratio of house prices to median incomes in Sydney is now about 12 times and Melbourne 10 times. In most instances, households in these cities need two income earners to secure their mortgage.<span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/p>\n<h3><strong>Rates are Rising<\/strong><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/h3>\n<p>Thirdly, rates are rising. The Reserve Bank has not moved rates for some time,&nbsp;and rates are rising above 6 percent&nbsp;with some banks.<span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/p>\n<p>Australia also has a rapidly changing political climate with elections to be held again in the next six months with the Labour Party predicted to win by almost every poll. The Labour Party has already&nbsp;committed to important changes,&nbsp;including restricting&nbsp;negative gearing to new&nbsp;properties only, whereas it now applies to existing properties as well which are the preference for investors. They&nbsp;are also proposing to reduce&nbsp;investors\u2019&nbsp;profits on the sale of investment properties by cutting the discount on capital gains tax.<span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/p>\n<p>Times of change are always interesting to watch and buyers, sellers,&nbsp;and investors&nbsp;will need to keep&nbsp;close&nbsp;to changes in the market in the next year.<span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Three key areas are leading the change in the market After a decade-long boom in the Australian property market,&nbsp;things have changed and buyers, sellers,&nbsp;and investors&nbsp;have to&nbsp;proceed with their eyes wide open.&nbsp;Three key areas&nbsp;are&nbsp;leading to the change in the market.&nbsp;<\/p>\n","protected":false},"author":15802,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3255],"tags":[],"coauthors":[],"class_list":["post-1435","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.4 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Sydney Leads the Decline of Australia\u2019s Housing Market\u00a0<\/title>\n<meta name=\"description\" content=\"After a decade-long boom in the Australian property market,\u00a0things have changed and buyers, sellers,\u00a0and investors\u00a0have to\u00a0proceed with their eyes wide open.\u00a0Three key 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