Market update Oct 2018

by Urbane Property

Market report: Inner West

The inner west property market has felt the pinch of the wider Sydney slowdown, however quality properties are still seeing strong competition from buyers.

While demand for suburbs across the region continues, there’s no denying properties are taking longer to sell than previously and price adjustments are being made.

These adjustments are reflected in CoreLogic’s latest data, with suburbs across the inner west seeing a drop in median price of between 1.2 per cent and 10.8 per cent in the three months to July.

The smallest drop in median house and unit prices was in Stanmore, which came back 1.6 per cent and 1.2 per cent respectively.

The highest fall in median house prices was in Lewisham, which experienced a 10.8 per cent drop. Meanwhile units in Erskineville saw a larger drop at 11 per cent.

Despite these statistics, quality homes are still selling for strong prices. In fact, we recently sold a Newtown home at 41 Oxford St for $1.42 million, a record price for a two-bedroom property in the area.

Some inner west suburbs are also bucking the trend, with properties in Enmore and Camperdown experiencing growth. Houses in Enmore saw a 0.7 per cent rise while unit prices grew by 8.9 per cent.

In Camperdown, houses saw a growth of 2.4 per cent while units jumped 1.5 per cent.

Other suburbs that have seen minor price corrections include Marrickville (-3.3 per cent for houses) and Alexandria (-3.1 per cent for houses).

As investor activity has weakened, more first and second homebuyers have been given the chance to buy property at a realistic price which is good news for many, because the majority of buyers looking in the inner west are either locals or young families looking to migrate from the eastern suburbs. These buyers are predominantly looking to own and occupy, with few looking to invest.

However, finance turning up some red flags as the banks continue to toughen up their lending criteria, and potential buyers turn up to auction day without their borrowing locked in. This results in more properties being passed in. Homeowners looking to transact on their second or third home are finding it easier to secure finance than first homebuyers.

The remainder of spring will see more stock come on to the market, while prices will continue to adjust. There will be little growth across the region but buyers will have plenty of listings to choose from and should act now so they may settle into their new homes in early 2019.

Break out:

Median house and unit prices for the 12 months to July 2018, according to CoreLogic:

NewtownH: $1,400,500   U: $695,000
Camperdown   H: $1.42mU: $860,000
EnmoreH: $1.45mU: $746,000
StanmoreH: $1.675mU: $709,000
LewishamH: $1.425mU: $720,000
St PetersH: $1.2mU: $760,000
TempeH: $1.18mU: n/a
MarrickvilleH: $1.382mU: $722,500
ErskinvilleH: $1.327mU: $818,750
AlexandriaH: $1.55mU: $737,500
SydenhamH: $1,193,750U: n/a
EveleighH: n/aU: n/a
DarlingtonH: $1.335mU: $1.435m

Similar posts

March 19, 2020

Why Sydney’s inner west is booming in popularity right now

We have always loved Newtown, now the rest of Australia has finally caught up –  it’s officially the most sought-after address in Australia. More buyers are looking for their new house in the iconic Sydney suburb than any other location in the country, according to search results from Australia’s No.1 property website Also illustrating […]

March 6, 2020

Residential tenancy reforms: what you need to know

Sweeping changes to rental laws that aim to improve the lives of both tenants and landlords will come into effect in NSW on March 23, 2020. According to Fair Trading NSW, these laws will “improve tenants’ renting experience while ensuring landlords can effectively manage their properties”. The main objectives of the news laws are to: […]

January 30, 2020

Six top home seller’s tips for 2020

Making a few small, easy to manage tweaks to your home before you sell can have a big impact upon the price you get. In introducing your home to potential buyers you want it to be as presentable as possible – you need to sell the lifestyle dream as well as you can. You want […]