Winter Market Report
With winter in full swing, it’s a great time to consider listing your property. While the inner west has felt the slowdown over the past year, media reports of plummeting house prices have certainly not lived up to the doomsday scenario; in fact some of our suburbs have continued to thrive – St Peters (+5.1 per cent year on year) and Summer Hill (+9 per cent), we’re looking at you.
Across the inner west, buyers are still keen to get their feet higher on the ladder, and a marked slowing in price drops in most areas has them even more eager not to miss out than they were six months ago.
According to the latest CoreLogic data, houses in Summer Hill continue to see the highest growth in the inner west, jumping a whopping 18.4 per cent to $1,720,000 in the three months to April.
This was followed by houses in St Peters where prices grew 2.7 per cent over the same period, culminating in a median house price of $1,247,500.
While first home buyers may find these kinds of figures out of their reach, there’s good news in the unit market, too.
Petersham saw the highest growth for units, jumping 8 per cent. The average apartment here will now set you back $780,000. Balmain East came in at second place with growth of 6.4 per cent.
If you’re looking for the best inner west unit prices, head to Newtown, where the median price is $665,000, up 1.1 per cent on the previous three months.
A two-bedroom, two-bathroom, one car spot apartment in Newtown recently sold for $850,000. The rear-facing apartment is in a secure complex at 617-623 King Street and features a bright 116sqm of single-level layout and a large outdoor area for entertaining.
The suburbs that continue to be affected most by the slowdown are Balmain and Lilyfield. In Balmain house prices dropped 5.7 per cent to $1,825,000 in the three months to April, while units dropped by 8.7 per cent to $1,050,000. Meanwhile, houses in Lilyfield fell 6.8 per cent, coming back to $1,677,50.
With the spring months approaching, the property market traditionally starts to speed up. However, what’s left of winter could be a good time to take advantage of the calm before the storm, and list your property while competition is sparse.
Median house and unit prices for the 12 months to April 2019, according to CoreLogic
Newtown H: $1.3m U: $665k
Dulwich Hill H: $1.462m U: $755k
Enmore H: $1.265m U: $740k
Stanmore H: $1.483m U: $725k
Lewisham H: $1.335m U: $688k
St Peters H: $1,247m U: $770
Marrickville H: $1,305m U: $682.5k
Annandale H: $1.55m U: $790k
Petersham H: $1.280m U: $780k
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