Sydney's southern suburbs are showing mixed, but downward trending results: HTW

Sydney's southern suburbs are showing mixed, but downward trending results: HTW
Sydney's southern suburbs are showing mixed, but downward trending results: HTW

Sydney's southern suburbs are showing mixed, but downward trending price outcomes, according to the June report from Herron Todd White.

Like Sydney in general, the southern suburbs have shown mixed results over the first part of the year, generally down overall but with some suburbs showing more resilience than others, the valuation firm advised.

Market activity had slowed and auction clearance rates are down to 61.3% from 70.9% at the same time last year

The region has shown an overall decline in dwelling values, Oatley’s 2018 median house price has increased slightly by 0.5% from 2017.

Engadine however, has shown a drop of 11.1% in its median price compared to 2017, almost nullifying the 15.2% increase it saw in the period from 2016 to 2017.

"A recent example of the declining market is a home, 27 McRaes Avenue, Penshurst (pictured above), located in a well regarded section of the suburb."

"This property sold in September 2016 for $1.5 million and sold again in May 2018 for $1.48 million, highlighting that in some areas, properties are now starting to fall back below late 2016 prices", suggested the valuation firm

27 Prestige suburbs appear to be performing better however again there have been some mixed results as market activity in this section of the market has slowed compared to mid-2017.

Burraneer has experienced a 5% drop in median sale price from 2017 while Sylvania Waters is up by 10.8% according to the June report from HTW

The report notes that, "new units are taking longer to sell with an increasing number of developers offering incentives to purchasers."

The report concludes by noting that, "an oversupply of units is still possible as a large number of new complexes reach completion over the next two years."

Tags: 
Housing Market

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