Market update Oct 2018
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.
Median house and unit prices for the 12 months to July 2018, according to CoreLogic:
|Newtown||H: $1,400,500||U: $695,000|
|Camperdown||H: $1.42m||U: $860,000|
|Enmore||H: $1.45m||U: $746,000|
|Stanmore||H: $1.675m||U: $709,000|
|Lewisham||H: $1.425m||U: $720,000|
|St Peters||H: $1.2m||U: $760,000|
|Tempe||H: $1.18m||U: n/a|
|Marrickville||H: $1.382m||U: $722,500|
|Erskinville||H: $1.327m||U: $818,750|
|Alexandria||H: $1.55m||U: $737,500|
|Sydenham||H: $1,193,750||U: n/a|
|Eveleigh||H: n/a||U: n/a|
|Darlington||H: $1.335m||U: $1.435m|
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