Property prices in Sydney have fallen for the first time since 2012, new figures show.
According to the latest CoreLogic data, property prices in Australia’s largest city fell by 0.5 per cent drop in the year to February. This is the first time that prices in Sydney have recorded a year-over-year increase since the housing market recovered from its last down turn in 2012.
The median property value in Sydney now stands at AUS$880,743. The city’s property prices are now 3.7 per cent below their peak in July 2017, representing a drop in their median price of about AUS$35,000.
Over the last three months, prices have fallen faster in Sydney than they have in any other Australian state or territory capital (-2.4 per cent).
The country’s second most expensive market, Melbourne, also showed signs of a slowing housing market, with prices up a solid 6.9 per cent over the year but down 0.4 per cent for the last three months. Its median dwelling price is now AUS$723,334.
The strongest price growth in the country was in Tasmania’s capital, Hobart, which surged 13.1 per cent in the 12 months to February.
Hobart and Adelaide were the only capital cities which recorded property price growth in February.
If you’re planning on emigrating to Australia in the near future, and therefore planning to buy an Australian property, then it is essential to get the best possible deal on your currency deal.
When exchanging large lump sums for emigration purposes, only a small change in the market can have a significant impact on the amount of money you could be potentially starting your new life with.
For example, back mid-January, £1 would have purchased you AUS$1.712. However, as of yesterday the rate had recovered to reach £1=AUS$1.780. On an exchange of a substantial amount, say from the sale of your UK property prior to emigrating, such a fall has a massive impact on the amount of money you’ll have to start your new life. For example, if exchanging £150,000 the difference in Australian Dollars received would have been just over AUS$10,000. In just a matter of weeks.
Currency specialists Halo Financial understands why the exchange rates are moving and just what impact this has on your currency transaction. What’s more, they can also explain how to make your money go further and give you a range options on exactly when you wish to exchange, and how much you should exchange at a time.
To find out how you can make sure you can get the best exchange rate possible, and take advantage of positive fluctuations in the markets, visit www.halofinancial.com
Article published 1st March 2018