Dire house shortage fuels extreme price rises
There has been another explosion in Sydney home prices over the past month and the market is now approaching a milestone that would have been unthinkable last year.
There has been another explosion in Sydney home prices over the past month and the market is now approaching a milestone that would have been unthinkable last year.
A real estate industry study has revealed the suburbs where enduring lockdown has been deemed a little more manageable because of the lifestyle and some other, unexpected features.
A popular suburb in the Hills District once known as an affordable market for families has become one of the city’s hardest suburbs to get into – resulting in huge auction results.
Even buying an uninhabitable home has turned into a costly battle for house hunters as extended lockdown drains Sydney’s supply of available housing.
First-home buyer budgets aren’t what they used to be. Multiple homes have recently sold to first-time buyers at prices that beggar belief. But where are they getting their money?
Recent price rises were so extreme in some Sydney areas that home seekers now need $100,000 more in savings than they did a year ago for a 20 per cent deposit.
Fancy being in lockdown in this home? A house with no kitchen, shower or indoor toilet, along with extensive ceiling damage, has sold at a virtual auction for a multimillion dollar price.
A massive listings drop has put buyers under pressure to bid more, but one auction delivered a result that’s been applauded as a “beautiful gesture”.
A dated red brick house on a strip known to some locals as the ‘golden mile’ has topped Sydney home prices on what was a bumper weekend of sales. See the latest property results with our rolling auction coverage
They’re getting an average of $200,000 more than those who sold last year and close to double the prices in other capitals but Sydney home sellers appear to be hard to please, data shows.
Original URL: https://www.dailytelegraph.com.au/journalists/aidan-devine/page/91