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Sydney House Prices Falling

Sydney house prices are falling. In the weekend, a house in St Clair, in Sydney's western suburbs, sold for only $260,000 last weekend. The price was 42 percent cheaper than the last sale in the same area in 2003. It was a mortgagee sale - the owners were forced to sell as they could not meet the interest payments on their $405,000 loan.

In addition to rising interest rates, petrol prices seem to be a compounding factor that is driving down Sydney house prices. Looks like a fair number of people are going to be looking at negative equity for quite some time...

More at...SMH Article

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Submitted by Marco on Tue, 22/08/2006 - 7:51pm.
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