Bellevue Hill prices down 12% over 2012 but still Sydney's priciest suburb
House prices in Sydney's most expensive suburb, Bellevue Hill, in the eastern suburbs, fell 12% over 2012, figures compiled by the REINSW reveal.
The median house price as of December 2012 is $2,945,000 compared to $3,345,500 in December 2011.
Real estate agent Leon Jacques of 1 to 1 Realty Double Bay says the annual figure has likely fallen due to vendors now meeting the market and becoming more realistic.
The median price dropped by a steep 17% in the last quarter of the year according to the REINSW.
Jacques says the quarterly drop in the median price may be due to properties at the lower end of the market accounting for majority of sales.
Jacques says cheaper homes have the ability to skew the figures but the quarterly drop is not a complete indication of how the suburb is fairing.
CEO of REINSW Tim McKibbin says the more affordable part of the market weathered the property storm of the past few years but the more expensive suburbs went through something of a correction.
McKibbin says that has now bottomed and prices will begin to firm up.
"During the last couple of years, not only did prices of properties in less affordable areas decline but sales also declined."
McKibbin is quietly confident about 2013 and expects prices to strengthen.
"Less affordable areas will always lag the affordable areas," says McKibbin.
A four-bedroom, two-bathroom home on Bellevue Road (pictured below) sold at its February 26 auction for $2,755,000.
Situated on 738 square metres of land, the home boasts two levels of living space and has DA plans for an additional storey.
It last sold in July 2010 for $2.7 million.
The listing was held by Real Estate Redefined Double Bay.
A three-bedroom home on Lennox Street (pictured below) sold at its February 23 auction for $2,275,000.
Built in 1900, the home boasts two bathrooms, a double living room with French doors, high ceilings and cast iron fireplaces.
The sale was secured by Sydney Sothebys International Realty Double Bay.
Meanwhile, the vendors of a Bunyula Road property sold prior to auction for $2.33 million.
The property comprises of three bedrooms, two baths and sits on 639 square metres of land.
The sale was closed by Bradfield Cleary Double Bay.
There have been 15 house sales above $10 million in Bellevue Hill since 2008, but only one officially recorded in the past year, according to RP Data.
Vaucluse is Sydney’s second priciest suburb with a median house price of $2,475,000. It remained stable in the last quarter, however dropped 21.4% annually.