It’s been a hell of year for Sydney’s housing market.
We take for granted now that prices are coming back within reach of the budgets of everyday buyers but this wasn’t an obvious trend at the start of the year.
The market in January was starting to cool but there were many who expected it to bounce back.
It had, after all, ridden a rollercoaster of ups and downs before.
The most obvious example was at the end of 2015 when cautious lending from banks caused a six-month slowdown in the market, only for that “cooling off” to be followed by another surge in prices over 2016.
But this time the slowdown seems here to stay.
And that’s a great thing. A typical Sydney home is now 8.1 per cent cheaper than it was at this time last year.
That’s put us back to the level prices were at in 2016.
Sellers can lament the lose of some potential windfall in the prices they could have got, but they should also remember that prices are still up more than 50 per cent on what they were in 2012.
Anyone who sells their home today will still make a killing compared to what they paid for it. And the great thing is that they now actually have a better chance of being able to afford their next home without having to worry about prices running away from them.