The Sydney Morning Herald reported that a report released by CoreLogic this week showed that Parramatta, Strathfield, Ryde and Burwood, the Chinese suburb, were the areas with the highest proportion of property sold at a loss in the first quarter of Sydney.
Statistics show that in the first quarter of this year, 25.3% of properties in the Parramatta local government area were sold at a loss, with a median loss of $49,750. In addition, Strathfield (22.8%), Ryde (22.4%) and Burwood (20.9%) all lost more than 20% on the sale of properties.
(Image source: The Sydney Morning Herald)
Eliza Owen, head of research at CoreLogic, said part of the reason for the higher percentage of losses on the sale of properties in these urban areas is the increase in apartment construction in the area in recent years.
"Due to the high level of local property supply, the growth of the entire market segment has remained relatively low for a long time."
(Image source: The Sydney Morning Herald)
Overall, the loss on property sales in Sydney in the first quarter was stable at 8.4%, unchanged from the previous quarter.
Owen added: "Sydney's housing market is stronger overall than Melbourne, with Sydney house prices already rising by 2% this year as buyer demand continues to outstrip the number of homes for sale. ”
(Image source: The Sydney Morning Herald)
Shane Oliver, chief economist at AMP, said the higher proportion of property sales losses in places such as Parramatta and Burwood may be due to greater repayment pressure in these areas and shorter homeowners holding their homes.
"Sydney saw a build-up boom between 2015 and 2019, with a large number of apartment towers in Parramatta and Burwood, resulting in a higher supply of property than in other suburbs."
Starr Partners首席执行官Douglas Driscoll也表示,Parramatta、 Strathfield、Zetland以及Chatswood的公寓建设热潮,对市场产生了直接影响。