China house hunters get new listings as prices plunge
The market has been hard hit by the collapse in property values across the country, with some homes priced in excess of $1 million.
The Sydney Opera House, one of Australia’s biggest venues, has lost nearly $300 million worth of its value and the Sydney Opera Houses West and West End have also been badly hit.
The Sydney Opera house, one with a population of around 12 million, has seen its property values fall by more than $200 million in the past two years, while the West End has also lost a whopping $1.2 billion worth of the home’s value.
In the ACT, Sydney Opera houses West and East have lost $100 million each, while Melbourne Opera houses East and West have both lost $50 million in value in the last two years.
And Melbourne Opera Houses South has lost $15 million, with Sydney Opera’s South Street West and Opera House in the area of the former Central Station also seeing a dramatic decline.
It is not just the properties affected by the property price downturn that are impacted, however.
In Victoria, the Melbourne Opera house lost $40 million worth worth of value in just the past three years, the Sydney’s West End is down more than a third, and the Melbourne Theatre has lost more than 60 per cent of its market value.
In NSW, the Brisbane Opera house has lost another $10 million in property value, while The Opera House at the Southbank has lost about $10.5 million worth.
A number of other properties in Victoria have also lost money, with Melbourne Opera House’s North Point and The Opera at The North Point in Sydney’s north, the Western Sydney Opera at Bondi Beach, the Westfield Opera at Balmoral, and The Wines in Parramatta and the Westgate in Parra.
Meanwhile, the NSW Government has issued a warning to property investors to be careful as prices have plummeted across the state.
“As we have seen across the world this week, there is a huge amount of stress and uncertainty for many Australians,” NSW Premier Gladys Berejiklian said.
She said the Government was working hard to make sure everyone was in good stead.
Ms Berejkian said the state would be issuing new measures that would allow the Reserve Bank to ease interest rates for investors, and allow property owners to borrow up to $2 million in an emergency.
However, there were no immediate plans to extend those measures.
There has also been some criticism of the government’s decision to allow banks to lend to home buyers.
But the NSW Treasurer, Gladys Borrell, said she was not concerned that the government was allowing banks to offer financial support to property buyers.
“What we are saying is that we are trying to get the banks out of the housing market,” she said.
“We want them out of a housing market that is being driven by speculation and speculation fuelled by the housing boom.”