Here’s the Sydney Suburb where prices have fallen the most

Sydney property markets have been in the slump phase of the property cycle since the middle of 2017.

Bondi Beach From Helicopter, SydneyBut our markets have been very fragmented with some suburbs falling in value considerably more than others.

Despite further price deterioration to house and unit prices over the last quarter, the rate of decline has eased from the quarterly falls recorded last year.

House prices are now back to early 2016 and units back to mid-2015.

However, house prices are 30.2 per cent higher and unit prices 20.7 per cent higher than five years ago, providing many homeowners with substantial equity gain.

The good news is that there are signs of the market bottoming out.

Wealth Retreat 2018 - General
Auction clearance rates have been picking up as the year goes on, albeit on smaller volumes than this time last year, and the rate of decline in house prices continues to ease.

The recently released Domain House Price Report showed that Sydney suburbs have had mixed fortunes with prices rising in some locations and falling in others.

For example in the north shore, Neutral Bay and Mosman led the city in price gains, just over 6%, but Gladesville and Epping had property price declines of  18% over the last 2 years.

Top 20 house price declines

SUBURB MEDIAN PRICE ∆YOY
Gladesville $1,710,000 -18.00%
Epping $1,450,000 -17.60%
Peakhurst $950,000 -17.40%
Penshurst $1,050,000 -17.40%
Glebe $1,590,000 -17.20%
North Ryde $1,415,000 -17.00%
Redfern $1,386,000 -16.80%
Alexandria $1,372,000 -16.70%
Strathfield $2,200,000 -16.70%
Castle Hill $1,305,000 -16.60%
Lane Cove $1,800,000 -16.60%
Oyster Bay $1,107,000 -16.50%
Jannali $920,000 -16.40%
North Bondi $2,533,000 -16.40%
Dee Why $1,415,000 -16.30%
Caringbah $1,002,500 -16.10%
Botany $1,200,300 -16.00%
Ryde $1,400,000 -15.90%
Leichhardt $1,280,000 -15.80%
North Rocks $1,068,000 -15.60%
Source: Domain House Price Report, March Quarter 2019

There were just 13 suburbs in Sydney where house prices increased in the past year.

Avoca BeachThe majority of those gains were recorded in Central Coast suburbs, including Avoca Beach and Budgewoi which recorded a 5.8 per cent and 5.1 per cent rise in the past year, respectively.

Domain senior research analyst Nicola Powell said : “There is a ceiling price for suburbs.

If a price is too high, buyers will move further afield and re-evaluate, making those life changes to provide a better lifestyle for their families,” she said.

Top 20 house price increases

SUBURB MEDIAN PRICE ∆YOY
Neutral Bay $2,100,000 6.70%
Mosman $3,737,500 6.00%
Avoca Beach $1,005,000 5.80%
Budgewoi $520,000 5.10%
Bateau Bay $710,000 3.60%
Balgowlah $2,000,000 3.40%
Blakehurst $1,700,000 3.00%
Lake Munmorah $535,000 2.90%
Gwandalan $533,750 2.60%
Leura $800,000 2.60%
North Gosford $563,750 2.50%
Bellevue Hill $5,700,000 2.20%
Paddington $2,350,000 2.20%
Leppington $720,000 2.00%
Five Dock $1,738,000 1.50%
Elderslie $720,000 1.30%
Mount Druitt $597,750 1.30%
Blackheath $590,000 0.90%
Kingswood $595,050 0.90%
Lisarow $740,000 0.90%
Source: Domain House Price Report, March Quarter 2019

Here’s what happened to Sydney apartment prices

Top 20 apartment price increases

SUBURB MEDIAN PRICE ∆YOY
Darling Point $2,350,000 6.80%
Lindfield $1,130,000 5.60%
Zetland $890,000 4.70%
Canterbury $683,500 4.40%
Potts Point $827,500 4.10%
Haymarket $1,084,000 3.70%
Caringbah $680,000 3.60%
Vaucluse $1,245,000 3.20%
The Entrance $450,000 2.30%
Turramurra $905,000 1.70%
Newport $842,500 1.50%
North Bondi $1,192,500 1.30%
Chippendale $900,000 1.10%
Fairfield $423,000 0.70%
Auburn $538,000 0.60%
Meadowbank $664,000 0.60%
Ryde $688,000 0.40%
Darlinghurst $932,500 0.30%
Asquith $670,000 0.00%
Bondi Beach $1,200,500 0.00%
Source: Domain House Price Report, March Quarter 2019

Top 20 apartment price decreases

SUBURB MEDIAN PRICE ∆YOY
Double Bay $1,234,567 -17.70%
Little Bay $967,500 -16.20%
Eastgardens $952,500 -16.10%
Paddington $870,000 -15.90%
Summer Hill $795,000 -14.50%
Newtown $650,000 -14.00%
Rozelle $1,195,000 -14.00%
Leichhardt $780,000 -13.90%
Woollahra $1,200,000 -13.80%
Brookvale $725,000 -13.70%
Engadine $590,000 -13.20%
Blacktown $470,000 -13.00%
Erskineville $822,500 -13.00%
Wollstonecraft $987,500 -12.60%
Balmain $1,055,000 -11.70%
Granville $460,000 -11.50%
Liverpool $442,000 -11.50%
Neutral Bay $892,500 -11.40%
Brighton-le-sands $680,500 -10.80%
Gymea $690,000 -10.40%
Source: Domain House Price Report, March Quarter 2019
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Ahmad Imam

About

Ahmad is Director of Metropole Properties Sydney and a highly skilled wealth strategist. He is a passionate property investor, has a degree in Commerce, is a licensed estate agent and qualified property investment advisor and has personally coached and educated hundreds of clients to create wealth through property.
Visit www.SydneyBuyersAgent.com.au


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