Here’s a fun fact for you: back in 1973, the median house price in Sydney was $27,400, according to a Department of Parliamentary Services report.
At the end of March 2020, Sydney’s median house price was $1,020,849, according to CoreLogic.
That’s an increase of 3,625.7%
Our smallest capital, Hobart, saw similar growth during the period: median house prices jumped from $15,200 to $513,325, an increase of 3,277.1%.
That’s despite the 1973 oil crisis, the 1982 recession, the 1987 stock market crash, the 1991 recession, the 1997 Asian Financial Crisis, the 2000 dot-com bubble, the 2003 SARS outbreak, the 2008 GFC and the 2009 euro-zone crisis.
Each time there’s a crisis, doomsayers declare the end of the world. Yet we always recover. Just ask people who bought property back in 1973.
You would be facing facing minimal competition
But this is temporary. Sooner or later, the good times will return.
They always do.
That’s why this could be the ideal time for you to purchase property:
- Buyer competition has been reduced
- Interest rates are at record-lows
Call us today to find out more about buying in this new “crisis” 08 9457 5733
