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Real Estate

Property prices drop in Sydney for the first time in more than a year

Property prices

Sydney property prices could be set to drop for the first time in more than a year following moves to clamp down on growth in investor loans by regulators.

Prices for Sydney homes declined by 0.1 per cent for the first time since December 2015 over the first 27 days of April, Monday’s figures from CoreLogic are set to show.

The figures, which have still to be confirmed, come after Treasurer Scott Morrison urged financial regulators to curb loans to real estate investors.

‘Recent regulatory changes aimed at slowing the pace of investment and interest-only lending have pushed mortgage rates slightly higher and slowed the pace of investment demand,’ CoreLogic head of research Asia Pacific Tim Lawless told the Australian Financial Review.

‘These changes appear to be having a dampening effect on housing market conditions.’

Paul

The author Paul