Sutherland housing values decline sharply: HTW residential
Sutherland and Sydney inner south-west regions continued to witness median house prices declines, according to the latest Herron Todd White (HTW) residential report.
According to Corelogic, Sydney has six of the 10 sub-regions which have shown the largest decline in dwelling values in the year to April.
Two of those are in Sydney’s south with the Sutherland and inner south-west (St George and Bankstown) areas showing 12.2% and 14.9% decline in dwelling values in the 12 months to April.
The Bass Hill/Georges Hall (-19.4%), Panania/ Milperra/Picnic Point (-18.9%) and Revesby (-18.5%) regions appear to have experienced the biggest declines during this period, according to CoreLogic data.
These suburbs continued to experience declines in their median house prices during the first quarter of 2019 of between 1.2% (Picnic Point) and 5.6% (Revesby), with only Milperra bucking the trend with a slight 0.5% increase in its median house price (source: realestate.com.au).
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In the Sutherland Shire, Miranda/Yowie Bay has been listed as one of the poorer performing regions in Sydney with a median drop of 17.8% in the 12 months to April.
"Miranda has had a recent increase of units flooding the market with a few large unit developments reaching completion this quarter," the HTW report noted.
Real estate agents have noted that this has also affected the rental market with a larger number of units all available for rent at the same time.
A new two bedroom apartment situated in the heart of Miranda has been listed for lease from $550 per week.
The apartment at 10 Pinnacle Street (pictured above) comes with open plan living, two oversized bedrooms, gourmet kitchen and private balconies with district views.
Other features include ducted air conditioning, oversized bathrooms, and single allocated car spaces plus storage cafe.
"Not all suburbs and property types are seeing a decline however," the HTW report said.
"The Cronulla housing market has remained stable for the March quarter at $2.25 million."
A four bedroom Cronulla house with a 15 metre frontage was sold for $2.1 million in March.
Occupying a 645 square metre level parcel, the single level home at 13 Kirkwood Road (pictured above) comprises three bedrooms, optional 4th bedroom or study, separate lounge and dining rooms, and covered timer deck overlooking the yard.
It's close to an array of local amenities including schools, golf courses, shops and transport, and just minutes away Wanda Beach.
The Cronulla unit market however has dropped from a median price of $900,000 in December 2019 to $875,000 in March 2019, according to realestate.com.au.
A current listing is a two bedroom beachside apartment priced at $749,000.
Set within a small complex, the apartment at 6/20 Ewos Parade (pictured above) comprises two bedrooms, kitchen with breakfast bar, combined living and dining room, and north facing balcony.
It is close to local shops, parks and transport.