Where property buyers are winning in Sydney
New analysis of data by a real estate institute has found that the majority of the Sydney and NSW property markets have either held steady or declined over the first quarter of 2019, which gives buyers more bargaining power.
Analysing the May CoreLogic Market Trends data, the Real Estate Institute of NSW and its CEO have said the current economic conditions are pointing towards favourable conditions for property buyers.
“With the elections now over, we have stability at a government level, together with the lowest property prices the state has seen for a very long time,” Tim McKibbin said.
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“We see that prices are bottoming out and together with the fact the market is starting to settle down after the banking royal commission and even talk of more interest rate cuts on the horizon, if anyone is looking for a ‘go’ signal, it would have to be now.”
The data showed that over the first three months of 2019, 413 Sydney markets saw declines in median sales prices and 86 were stable, while 51 experienced growth, and have maintained these numbers over the quarter, according to REINSW’s analysis.
Looking out to NSW, 568 markets saw a decline in median sales prices over the first quarter, as opposed to the 225 that showed growth.
Sydney v regional NSW – which saw higher growth?
According to the analysis, the regional NSW market is outperforming the Sydney market.
The top market across NSW over the quarter was found to be the unit market in Narooma, located 280 kilometres away from Sydney, which saw its median sales price rise by 16.6 per cent.
Following this was the house market in East Kempsey, which rose by 16.5 per cent, and then the house market in Clarence Town, which rose by 16.1 per cent – the only three suburbs to see price growth of over 15 per cent.
Meanwhile, the house market in Sylvania Waters was deemed to experience the sharpest declines in NSW over the quarter, experiencing a decline in its median sales price of 25.5 per cent. Following this was Hay houses with a decline of 19.1 per cent, and then Barooga houses with a decline of 15.9 per cent.
The top 10 highest markets across NSW, according to the REINSW, are:
|
Suburb |
Property type |
3-month change in median sales price to March 2019 |
|
Narooma
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|
Unit |
16.6% |
|
East Kempsey |
House |
16.4% |
|
Clarence Town |
House |
16.1% |
|
South West Rocks |
Unit |
14.9% |
|
North Rothbury |
House |
13.0% |
|
Teralba |
House |
11.9% |
|
Narrandera |
House |
11.8% |
|
Vaucluse |
House |
11.7% |
|
Dunbogan |
House |
11.5% |
|
Smiths Lake |
House |
10.3% |
The top 10 declining markets across NSW, according to the REINSW, are:
|
Suburb |
Property type |
3-month change in median sales price to March 2019 |
|
Sylvania Waters |
House |
-25.50% |
|
Hay |
House |
-19.10% |
|
Barooga |
House |
-15.90% |
|
Yowie Bay |
House |
-15.70% |
|
Bondi Junction |
Unit |
-14.00% |
|
Thirlmere |
House |
-12.90% |
|
Glenbrook |
House |
-12.60% |
|
Cammeray |
Unit |
-12.30% |
|
West Tamworth |
House |
-12.20% |
|
North Turramurra |
House |
-12.10%
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