Aspiring first-home buyers in Sydney who’re hoping that the city’s astronomical house prices will eventually fall will be dismayed by new analyses that suggests otherwise.

Confidential NSW Treasury reports, obtained by the ABC via a Government Information (Public Access) request, revealed that despite years of ballooning prices, the Sydney housing market may be headed for a “soft landing,” and not the crash that some frustrated first-home buyers may have been hoping for.

A 2016-17 half-yearly revenue forecast paints a picture of a once-in-a-generation boom. And while Sydney’s housing market began cooling at the end of 2016, price growth remains above expectations.

The reports also emphasize what’s painfully obvious to many millennials: that record-low interest rates and anaemic wage growth are preventing young buyers from entering the property market. 

Despite the weaker turnover of properties in the final quarter of 2016, the authors noted that Sydney’s high house prices have stayed “stronger than expected”.

Calculations made by the Treasury show that last year, average mortgage payments in Sydney were nearly $51,000 a year—double that of Brisbane’s $29,000.

Also read: how to make the most out of a soft property market
 

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