http://www.dailymail.co.uk/news/article-3282097/Property-boom-history-fewer-buye...'The boom is certainly over': Fewer buyers and higher interest rates mean Australia's property market has finally hit the wall
Sydney and Melbourne prices grew at their lowest level since March 2014
Property guru says the boom is over and disputes claims prices will quickly rebound in the new year
The average cost of a house in Sydney is still more than $1 million
But homes in the inner west which once topped the $1 million mark are being passed in $100,000 under reserve
Perth crashed to its lowest number since June 2011 and was labelled 'a hostage to the resource sector'
By FRANK COLETTA FOR DAILY MAIL AUSTRALIA
PUBLISHED: 00:52 EST, 22 October 2015 | UPDATED: 01:20 EST, 22 October 2015
'The boom is certainly over.' With those words Domain Group property guru Dr Andrew Wilson put the lid on 18 months of extraordinary growth in the Australian property market.
Melbourne and Sydney have both reported sharp declines in the rate of house price increases in the past quarter, with most other capitals also in the grip of weakening numbers.
'The great Sydney house price boom has ended, with house price growth tracking back sharply over the September quarter,' Dr Wilson said.
Despite the brakes coming on, Sydney still recorded a median house price of $1,032,433. That was up 3.2 per cent over the quarter but still the lowest quarterly rate of growth reported since March 2014.
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