Lower North Shore homeowners are unfazed by the drop in house prices, as they are still able to generate substantial gains during auctions, according to a report by realestate.com.au.
Values slid 11% compared to the previous year, but some suburbs are seeing property prices up by over 80% from where they were five years ago.
Wollstonecraft has recorded the biggest increase during the period— up by 87.9% to $3.1 million.
Cremorne prices rose by 84% to $3 million.
McMahons Point, meanwhile, currently has a median house sale price of $3.03 million, increasing by 83.6% from five years ago— the third highest on the Lower North Shore.
Neutral Bay logged its housing stock rise 75.9%, and Mosman registered a 60.1% increase.
Realestate.com.au. reported that robust auction campaigns and a short supply of stock have resulted in strong results for homeowners.
Prices might be down, but buyers are willing to score properties, according to Richard Simeon of real estate agency Simeon Manners.
“These genuine buyers are frustrated by the lack of stock and are willing to pay good money to secure something,” he told realestate.com.au. “Low stock and low interest rates are allowing for vendors to secure the best outcome. Week in, week out, we are seeing strong results achieved across the board.”
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