The "super energy" of the Sydney property market has now passed

After another decline in the clearance rate Dr Andrew Wilson, Senior Economist at Domain says “the super energy of the Sydney market has now passed. The price growth that was recorded this year and over the last two years was unsustainable given particularly that interest rates have been flat for the last four months. There really isn't that driver any more to keep pushing up prices with falling interest rates, so a much more moderate outcome now for the Sydney market in prospect. We're also seeing higher interest rates for investors with that action by APRA. The latest data shows investor lending activity down sharply in all states over July and in New South Wales it was down nearly 10 per cent.” (Source: ABC)