Experts have said that Sydney’s property boom may be over this year, with data convincing experts that 2015 will be far more moderate than 2014.
The Real Estate Institute of NSW says property price growth in Sydney is likely to be between 3 to 4 per cent this year, which is a lot lower than the 12.4 per cent spike in 2014.
It is off the back of statistics released today showing a drop of 0.7 per cent in the number of new home loans approved in November.
Investor loans also slumped - by 2.2 per cent. The drop is significant, because it is investors that have really been driving the housing boom in Sydney.
According to 9News Sydney really is a tale of two cities, because the western suburbs are set to outstrip the inner suburbs in terms of growth this year.
Malcolm Gunning of the Real Estate Institute of NSW told 9News, "The western suburbs are where a lot of the job growths are and I suggest that that's where the best buys are going to be - west of Parramatta.”
Property developers should take note of this and be sure to look towards the Western Sydney suburbs for any potential developments in 2015.
