Gay Realty Watch: Sydney

Gay Sydney, Australia Real EstateWe continue our look into local real estate markets with large gay and lesbian communities. Today, our second destination outside the US  – Sydney, Australia – the Opera House, that sexy accent, and one of the largest Gay Pride parades in the world. Here’s a sampling of what’s going on in the Sydney real estate market at the moment:

Australian property market poised for growth - Strong growth will be seen in the residential real estate sector in Australia over the coming years, analysts have predicted. Despite recent falls in the country’s property market, price increases are expected to be strong and steady going into 2012 and beyond, according to the QBE LMI Australian Housing Outlook report.

Property prices set to stagnate - A survey of the real estate agents, investors and developers that drive property prices has provided further evidence that Australian home prices are set to flatline. The National Australia Bank’s quarterly property survey is forecasting an average national rise in house prices of just 1.5 per cent in the 12 months ahead.

Mortgage pain hurts more in Sydney than in London or New York - SYDNEYSIDERS spend more on their mortgage than families in London and even New York. A survey of global cities put Sydney at the top when it came to the percentage of income spent on mortgages. The median Sydney house price is $626,444, with mortgage repayments of $4123 a month – three quarters the average monthly income. In Los Angeles and Toronto, just a third of the monthly income goes on mortgages, while in Dublin and New York it is less than half and in London or Auckland less than two thirds, the comparative survey revealed.

Why home prices are not about to crash and burn - IS THE value of your house about to plunge? Macquarie Bank has tipped a 20 per cent drop in housing construction next year while commentators say the smallest lift in interest rates will pop the “home price bubble”. House prices have been sliding for months. Industry estimates suggest that over the past quarter Melbourne prices are down 2 per cent and Sydney is off by 0.5 per cent. But these figures are nothing compared with those for Britain and the US, or Ireland, where home prices are down 40 per cent and falling.