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Well, it seems the “impossible” has happened. With the housing market in Sydney actually set to drop, it’s forcing a bit of a rethink from a certain generation.
We millennials are kept by two universal truths. The housing market will always be beyond us, and we shouldn’t bother. However, it seems that house prices are actually set to fall in both Sydney and Melbourne, dismissing the previous projections with a wave of the hand.
Instead of the predicted price surge by at least 4 to 8 percent, with Sydney actually sent to drop by a similar margin.
Which is as mindblowing as it is crestfalling. Housing prices can dip? Wha? SQM, the author of the study, believes they know why. The primary reason, they believe, is that the Sydney and Melbourne property markets are overvalued by at least 45 percent.
SQM’s managing director (and author of the report), Louis Christopher pointed the finger at many factors stating: “Leading indicators such as auction clearance rates, total aggregated property listings and asking prices suggest further deterioration in market conditions in recent weeks”.
As many markets are subject to, we find ourselves at the far edge of the bubble, as the meteoric Sydney property listings (those that have surged by 34 percent) have a historic parallel. The prices, according to Mr Christopher, “…are now at similar levels recorded in 2011 — a point in time when Sydney dwelling prices fell 3 percent for the year”.
So, the deepening domicile gloom that has enveloped Sydney since as long as my people have become woke might be very slowly dissipating. Which is great. Unless you happen to be one of those millennials who only see the broken housing market as an avenue to ferry their complaint.
Although, to be fair, it’s always raining for those people.
The Australia dream is on life support, but it isn’t dead. Let us party…by saving our pennies.