Eastern suburbs caught up in the greater Sydney market decline: HTW residential

The eastern suburbs peaked a little later than the general Sydney market, according to the latest Herron Todd White (HTW) residential report. 

However declines have now caught up with the greater Sydney market, with an 11% fall in the 12 months to April, according to Corelogic.

"At the lower end of the housing market, a recent sale in Botany of a 1900s, three-bedroom, one- bathroom semi-detached dwelling for $900,000 was more than 30% lower than when it sold for $1.3 million in August 2017," the valuation firm said.

The median house price in Botany was down 3.5% in the March quarter to $1.45 million, while the median unit price was down 2.4% over this time to $810,000, according to realestate.com.au data.

The report noted that the eastern suburbs prestige residential market was more resilient than the wider market in 2018, although there are definite signs that market has peaked as well.

The prestige suburb of Rose Bay experienced a 3.4% decline in its median house price in the March quarter to $3,646,500.

Units fell even quicker with the median price down to $1,155,000, a drop of 7.6% over the quarter, realestate.com.au data says. 

A 124 square metre apartment in Rose Bay with double lock up garage was sold for $1.56 million in April. 

Set within a small block of four, the top floor apartment at 4/1 Hamilton Street (pictured above) comprises light-filled living/dining flowing to balcony, Smeg gas kitchen, three bedrooms with built-in and rear communal garden.

The location is just a short walk to Rose Bay village shops. 

"This doesn’t appear to be uniform across all suburbs though, with Bellevue Hill (0.8%) and Vaucluse (7.2%) showing increases in their median house prices during the March quarter," the valuation firm said. 

Despite this, activity in these suburbs has definitely eased with only 13 sales above $5 million in Bellevue Hill as at mid-May compared to 64 for all of 2018.

Vaucluse has had 10 sales compared to 65 for all of 2018, according to PriceFinder.

A pet friendly two bedroom unit set at the rear of a secure boutique block in Vaucluse has recently been sold for $1.1 million.

The unit at 3/8 Burge Street (pictured above) comprises two bedrooms, open plan living/dining, CaesarStone kitchen, and balcony.

It's just moments to village cafes, local shops, parklands and beaches. 

"With some economic concerns both at home and abroad, the prestige market may be a little more volatile as we head into the second half of the year," the valuation firm said.