Savings of up to $58k predicted for popular east coast hotspots

Perth and Darwin property were also expected to decline, falling 15.6 per cent and 24.5 per cent, respectively, while investors in Adelaide and Hobart should expect to see their properties grow in value.

“Interestingly, experts predicted property prices in both Adelaide and Hobart to grow, so it could be worthwhile considering investment opportunities in these cities,” said Insights manager at Finder Graham Cooke.

Mr Cooke said these results show for those with deposits, now is the time that investors should be buying.

“A 6.3 per cent drop in Sydney would see average house prices dip a further $58,000, while a 6.6 per cent drop in Melbourne this time would mean a fall of more than $49,000,” Mr Cooke said.

“Remarkably, should these price drops eventuate as forecast, this would make Sydney and Melbourne property the cheapest it has been in four years.”

With buyers holding power in the current property market, Mr Cooke suggested that buying in a softening market paved the way for investors to negotiate to the estimated turning point.

“In other words, bargain for at least 6 per cent under the asking price in Sydney, or 7 per cent in Melbourne,” Mr Cooke said.

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