“In all capital city markets we are seeing a slowdown. In Sydney, I would say it’s a downturn,” Mr Christopher said. “There is no forced selling at this stage. It is reasonably orderly, there is no panic.”
“But I don’t believe we are facing a dramatically hard landing. Housing is a key component of the economy, so I’m sure the RBA is watching the Sydney downturn with interest and seeing how it spreads to other capitals.” “Although buyers through open homes have declined, we’re still seeing the same prices we were at the beginning of the year. It’s still really active, there’s plenty of buyers out there,” said selling agent Meghan McVeigh, of Ray White Alderley.
Disrupted building supply chains and rising construction costs are adding to the appeal of homes that don’t need renovation, she said.