Powered by MOMENTUM MEDIA

Rising rates force down property prices

By webmaster 19 October 2010 | 1 minute read

Making headlines today, The Sydney Morning Herald has reported that residents of Sydney's inner west are lowering the asking price on their home by up to 6.3 per cent in order to achieve a quick sale.

The threat of rising rates has caused the median house price to drop 2.07 per cent over the past three months.

This drop eclipses the 1.9 per cent quarterly fall recorded at the heart of the GFC.

But the news is not all bad. According to Residex chief executive John Edwards, house prices are still expected to climb year on year.

Median house prices remain high at $663,000 with an expected growth rate of 3.22 per cent per annum over the next five years, Mr Edwards said.

Advertisement
Advertisement

RELATED TERMS

Property

Property refers to either a tangible or intangible item that an individual or business has legal rights or ownership of, such as houses, cars, stocks or bond certificates.



Rising rates force down property prices
default
spi logo

Get the latest news & updates

Join a community of over 100,000 property investors.

Check this box to receive podcast updates

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.