Autumn Market Report
As autumn sets in and winter is on its way, it’s as good a time as any to consider listing your property. Despite media reports of plummeting house prices, buyers are still as keen as ever to get their foot in the door and they’re now more prepared than they were six months ago.
While the inner west has felt the slowdown, it continues to see strong sales results and high demand from buyers looking to move into the area.
According to the latest CoreLogic data, units in Darlington have seen the highest growth in the inner west, jumping 8.7 per cent to $1,435,000 in the three months to January.
This was followed by houses in Enmore where prices grew 4.6 per cent over the same period, landing a median house price of $1,345,000.
While first home buyers may still find these house prices out of their reach, the inner west unit market may be more to their liking.
Lewisham saw the second highest growth for units, despite jumping just 0.6 per cent. The median apartment price is now $729,000 in the suburb.
Units in Stanmore, Dulwich Hill, Enmore, Camperdown and houses in Camperdown and Surry Hills saw no change in median price in the three months to January. These markets remained steady and actually saw price growth in the 12 months from January 2018 to January 2019.
The most affordable apartments in the inner west are in Newtown, where the median price is $657,500. They have seen a slight drop in price, coming back just 1.3 per cent.
A one-bedroom, one-bathroom apartment in Newtown recently sold for $689,000. The top floor apartment is in the Presidio building at 3-13 Erskine Rd and features sleek, modern interiors and a large balcony with district views.
The suburbs that were most heavily affected by the slowdown were Chippendale and Alexandria. In Chippendale house prices dropped 7.3 per cent to $1,480,000 in the three months to January while units dropped by 6.5 per cent to $860,000. Meanwhile houses in Alexandria fell 5 per cent, coming back to $1,439,000. Units in the suburb however fell just 2.2 per cent to $740,000.
Apartments in Alexandra are still performing well, with a two-bedroom unit at 17-37 Lawrence St selling for $825,000. The apartment has built-in wardrobes, a modern kitchen with dishwasher and a secure car space with storage.
With the winter months approaching, the property market traditionally slows down. However, with buyers out all year round, autumn and winter are the best seasons to take advantage of the lull and list your property while the competition is slim.
Median house and unit prices for the 12 months to July 2018, according to CoreLogic:
|Newtown||H: $1,366,250||U: $657,500|
|Camperdown||H: $1.555m||U: $835,000|
|Enmore||H: $1.345m||U: $740,000|
|Stanmore||H: $1.55m||U: $725,000|
|Lewisham||H: $1.4m||U: $729,000|
|St Peters||H: $1,247,500||U: $755,000|
|Tempe||H: $1,177,500||U: n/a|
|Marrickville||H: $1,322,500||U: $691,500|
|Erskinville||H: $1.315m||U: $820,000|
|Alexandria||H: $1.439m||U: $740,000|
|Sydenham||H: $1,172,500||U: n/a|
|Eveleigh||H: n/a||U: n/a|
|Darlington||H: $1.407m||U: $1.435m|
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 realestate.com.au. 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 […]