Dropping property prices will open the door for more first-time home buyers looking to snap up a bargain in the wake of the coronavirus pandemic. The median unit price in Marrickville, Newtown, Alexandria and Strathfield is estimated to drop from the current $710,000 to well below $650,000. Property prices are tipped to fall by 10 per cent. Pictured are new homes in western Sydney'As prices fall, there will be new opportunities for first homebuyers and they will benefit from the lack of competition,' realestate.com.au chief economist Nerida Conisbee told the Daily Telegraph. This would see the median price in 30 suburbs drop under $600,000 — the threshold for stamp duty exemptions in Victoria.

Source: Daily Mail June 07, 2020 16:36 UTC