Market Update Feb 2019

by Urbane Property

Summer insights: Inner West

It’s been a strong start to 2019 with a surge of buyers coming out of hiding and now on the hunt for their next dream home.

While loans have become tougher for buyers to acquire, those who have been approved are armed and ready to make a move.

In the three months to November 2018 a number of inner west suburbs felt the pinch with Enmore’s house prices dropping 10 per cent to a median of $1.3 million, according to CoreLogic.

Houses in St Peters had a strong few months, defying the wider Sydney trend, seeing a 4 per cent growth in median price. It now has a median of $1,247,500.

Marrickville house prices saw a small 3.8 per cent dip to $1,322,500 while units fell just 1.5 per cent to $710,000.

Over the past few years the suburb has seen a swell in popularity. Once home to an aging population, young families are now coming to the area. Not only are they interested in the variety of properties on the market but they are also attracted to the cafes and restaurants that are continuing to pop up as the area undergoes a gentrification.

Marrickville is also at a lower price point than other inner west suburbs such as Petersham, where the median house price is $1.37 million and Newtown, which has a median of $1,362,500.

Despite prices dropping slightly over the three-month period, buyers are still willing to pay a high price to secure the right home.

A three-bedroom Newtown house at 239 Denison St recently sold for $1.717 million. The property is now the sixth most expensive house in the street and the highest price paid since 2017.

House prices in Camperdown have seen an upward change, growing 3.1 per cent in the three months to November 2018 and 15.1 per cent over 12 months to $1.582 million.

A three-bedroom, two-bathroom home at 21 St Marys St, Camperdown, came in not far under the median price, selling for $1.49 million, despite having no off street parking.

While there continues to be mixed sentiment as to whether property prices will stabilise or continue falling, buyers are now coming to auctions and inspections more prepared than they were in late 2018.

With the surge in interest, sellers should now consider their options and take advantage of this period. Buyers still appear willing to pay a premium for the right property with homes continuing to sell above reserve at auction and many private treaty sales being negotiated up to meet the vendor’s expectations.

 

Summary

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

NewtownH: $1,362,500   U: $657,500
Camperdown   H: $1.582mU: $840,000
EnmoreH: $1.3mU: $740,000
StanmoreH: $1,582,500U: $730,000
LewishamH: $1.4mU: $725,000
St PetersH: $1,247,500U: $760,000
TempeH: $1.18mU: n/a
MarrickvilleH: $1,322,500U: $710,000
ErskinvilleH: $1.315mU: $829,000
AlexandriaH: $1.47mU: $753,000
SydenhamH: $1.185mU: n/a
EveleighH: n/aU: n/a
DarlingtonH: $1.401mU: $1.435m

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