Best growth and buying opportunities in NSW revealed
Recent analysis of new data has come to two distinct conclusions: that buyers still hold the power in the NSW property market and price growth is a distinct possibility.
Analysing CoreLogic’s Market Trends report for June, the Real Estate Institute of NSW’s (REINSW) CEO Tim McKibbin has come to the conclusion that the current market softening in NSW over the last year is “likely plateauing”.
“Market engagement evidenced, in part, by improved auction clearance rates supports that supposition,” Mr McKibbin said.
“For purchasers who have been waiting for the market to bottom, now is a good time to be looking closely at where the market is headed over the coming months.
“With the election and Banking Royal Commission behind us, the recent RBA interest rate cut - and more cuts predicted - the fundamentals are in place for growth in property prices.”
The analysis, looking at median sales price data of NSW house and unit markets from 1 January to 31 March 2019, found declines in Sydney and regional markets increased and encompassed more markets.
According to the data, 81 per cent of all Sydney house and unit markets saw declines of an overall 2.7 per cent drop.
Across the state, 68 per cent of all house and unit markets declined to an overall 1.7 per cent drop.
“If you’ve got your finance organised, now is the time to start looking in earnest. Conditions for vendors are beginning to improve. The full effect of the RBA interest rate cut is yet to fully kick in,” Mr McKibbin said.
The top and bottom growing markets
In addition, the analysis pinpointed the 10 suburbs which saw the greatest growth across the state, and which saw the greatest declines.
For growth, the number one market over the first three months of 2019 was the Branxton house market, which saw growth of 22.7 per cent. Meanwhile, the greatest decline was felt in Concord’s unit market, which experienced declines of 13.2 per cent.
According to the analysis of CoreLogic data by the REINSW, the top 10 suburbs for growth in NSW over the first three months of 2019 are:
|
Suburb |
Property type |
Three-month change in median sales price
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|
|
Branxton |
House |
22.7% |
|
Summer Hill |
House |
17.8% |
|
Haymarket |
Unit |
15.3% |
|
Werris Creek |
House |
14.5% |
|
Elizabeth Bay |
Unit |
13.7% |
|
North Boambee Valley |
House |
12.9% |
|
Casuarina |
Unit |
12.7% |
|
Darling Point |
Unit |
10.8% |
|
Bonnells Bay |
House |
10.8% |
|
Coolamon |
House |
10.7% |
And the bottom 10 suburbs for growth, according to the analysis of CoreLogic data by the REINSW, over the first three months of 2019 are:
|
Suburb |
Property type |
Three month change in median sales price |
|
Concord |
Unit |
-13.2% |
|
Schofields |
Unit |
-13.4% |
|
Hay |
House |
-14.0% |
|
Bondi Junction |
Unit |
-14.9% |
|
Brunswick Heads |
House |
-15.5% |
|
Pitt Town |
House |
-15.8% |
|
Vaucluse |
Unit |
-16.9% |
|
Calderwood |
House |
-17.6% |
|
North Arm Cove |
House |
-41.1% |
|
Austral |
House |
-43.1%
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