{"id":37656,"date":"2022-03-27T10:59:07","date_gmt":"2022-03-26T21:59:07","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=37656"},"modified":"2022-03-27T10:59:07","modified_gmt":"2022-03-26T21:59:07","slug":"sydneys-real-estate-boom-is-officially-over-experts-say","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/sydneys-real-estate-boom-is-officially-over-experts-say\/","title":{"rendered":"Sydney\u2019s real estate boom is \u2018officially over\u2019, experts say"},"content":{"rendered":"

PHOTO: Auctioneer and real estate industry coach Tim Panos<\/strong><\/p>\n

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After two years of soaring property values, experts have ruled Sydney<\/a>\u2019s pandemic-induced real estate boom \u201cofficially over\u201d.<\/p>\n<\/div>\n

Speaking to\u00a0The Daily Telegraph<\/i><\/a>, auctioneer and real estate industry coach Tim Panos \u2014 who calls about 15 auctions every weekend \u2014 said there had been a significant shift in market conditions in recent weeks.<\/p>\n

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Auctions in the NSW capital are passing in without opening bids, clearance rates are falling and more properties are taking prior offers, with conditions only likely to get tougher if interest rates rise later this year, as predicted.<\/p>\n

\u201cThe boom is 100 per cent over. In February, we went from nuts to normal,\u201d Mr Panos told the paper.<\/p>\n

\u201cNow, if you ask me, as we move from March into Easter, we\u2019re going from normal to value declines.\u201d<\/p>\n

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After two years of soaring values and incredible sales results, experts have ruled Sydney\u2019s pandemic-induced real estate boom \u201cofficially over\u201d. Picture: NCA NewsWire\/Gaye Gerard<\/strong><\/em><\/div>\n

While $10 million-plus properties are showing resilience, \u201c90 per cent of the rest of the properties in NSW markets have been impacted\u201d, Mr Panos said.<\/p>\n

\u201cIn September, there was the fear of missing out, but now for buyers, it\u2019s been replaced by fear of overpaying,\u201d he explained.<\/p>\n

Now that buyers have more options \u2014 new property listings are 13.2 per cent higher, according to REA data, than this time last year \u2014 \u201csellers who have got a strong reason to sell are reducing the price to meet the market\u201d, Mr Panos said.<\/p>\n

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\u201cThose without a strong reason to sell are hanging on waiting for the market to get back to where it was and they are blowing out their days on market,\u201d he added.<\/p>\n

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\u201cIt\u2019s really clear that the party is over.\u201d<\/p>\n<\/div>\n<\/div>\n<\/div>\n

The first sign that\u00a0Sydney\u2019s turbocharged housing market is slowing down\u00a0came this week, when\u00a0Domain\u00a0data on Monday revealed that more than one in ten homes are selling for less than they were initially priced at.<\/p>\n

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An estimated 10 per cent of dwellings are having to sell at a substantially discounted price because of the phenomenon \u2014 reportedly caused by a saturated real estate industry, with too many people wanting to sell and not enough buyers to go around.<\/p>\n

At the peak of last year\u2019s property boom in July, that number \u2014 10.5 per cent \u2014 was half as much, with only 5.9 per cent of homes having to discount their value to be snapped up.<\/p>\n

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An estimated 10 per cent of dwellings are having to sell at a substantially discounted price because of the phenomenon. Picture: NCA NewsWire\/Nikki Short<\/strong><\/em><\/div>\n

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