Property prices in New South Wales could start to grow, with the auction market recording improving clearance rates, according to the Real Estate Institute of New South Wales (REINSW).
“The decline in property prices we have seen over the past year is likely plateauing. Market engagement evidenced, in part, by improved auction clearance rates supports that supposition,” said Tim McKibbin, CEO of REINSW.
McKibbin said that buyers who want to score the best deals should keep an eye on market trends, especially when price recovery is already looming.
“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,” he said.
REINSW also found the 10 best performing suburbs and property types across the state. Houses in Branxton, Newcastle, experienced the highest growth in median sales price at 22.7%. Houses in Inner Western Sydney’s Summer Hill followed, with a growth of 17.8%. A mix of houses and units also posted strong growth: units in Haymarket registered 15.3% growth; Werris Creek posted 14.5% growth; and Elizabeth Bay and North Boambee Valley reported 13.7% and 12.9% increase in median sales price, respectively.
Other suburbs and property types that made the top 10 include Casuarina units (12.7%), Darling Point units (10.8%), Bonnells Bay houses (10.8%) and Coolamon houses (10.7%).
Houses in Austral and North Arm Cove, on the other hand, were among the worst 10 performing suburbs and property types in the state. Houses in those suburbs experienced the greatest decline in their median sales price at -43.1% and -41.1%, respectively.
Houses in Wollongong region’s Calderwood (-17.6%), units in Vaucluse (-16.9%), houses in Pitt Town (-15.8%), Brunswick Heads houses (-15.5%), Bondi Junction units (-14.9%), houses in Hay (-14.0%), units in Schofields (-13.4%) and Concord units (-13.2%) also saw hefty declines.
* 697 suburbs and property types in Sydney and 2094 in NSW weren’t counted due to insufficient sales data. 580 suburbs and property types in Sydney and 944 in NSW were counted.
Data from REINSW
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