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Is Sydney responsible for property price falls?

By Louise Morrin

It's the news everyone has been waiting for: property prices are starting to fall across the country's capitals! If you're serious about wanting to buy property in Carlton then now could be the time to do it, as the Australian Bureau of Statistics (ABS) points to price declines in the Harbour City.

The March quarter Residential Property Price Index shows that it's attached dwellings that are leading the way in terms of price falls. In Sydney, the value of this type of property declined 0.6 per cent from the previous three-month period.

Why all eyes are on Sydney

It was just a matter of months ago that housing experts were warning about increasing price pressures in the New South Wales capital. But not anymore.

Commenting on the ABS data, the Housing Industry Association (HIA) revealed that rises in the price of Sydney property have hit single figures – a trend that would have been unprecedented not so long ago.

A look at long term data shows that during the year to March 2016, prices increased 9.7 per cent in Sydney. This ranked the city in second place to Melbourne, where growth stood at 9.8 per cent.

"Sydney prices grew at an annual rate of 9.7 per cent, beating the national average, but are also the city's slowest pace of growth in almost three years," noted HIA economist Diwa Hopkins.

Make sure you use a real estate agent in Carlton

It won't be long until buyers are heading to Sydney in their droves, which is why you need a real estate agent in Carlton to lend you a hand. We're available to scope out the market on your behalf and suggest homes we think will meet your needs.

If you're serious about buying property in Carlton, now is certainly the time to do it!

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