The Sydney market recorded mixed results, with some areas performing better than others, according to Herron Todd White’s June issue of Month in Review.
“The first half of 2019 confronted a unique set of circumstances in that both a state and federal election were held. This has provided a further brake on the Sydney property market, particularly in the case of the federal election with property at the forefront of the campaign given the negative gearing and capital gains tax changes proposed,” the report said.
The Blue Mountains and upper northern beaches showed greater resilience in terms of change in dwelling values. Epping and southern Sydney, on the other hand, posted the largest falls over the past year, according to CoreLogic.
The tables below show the five best and five worst performing Sydney regions.
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Source: CoreLogic
Data from Domain showed that house prices were still dropping at a faster rate than units. The median house price in New South Wales’ capital was down by 3.1% to $1,027,962 in the March quarter. In comparison, the Sydney median unit price only slid by 2% to $696,935.
Auction rates, meanwhile, rose due to vendor expectations meeting the market. The number of property transactions is lower than in 2018, and price declines have been slowing but are still down 4.3% from the start of the year to mid-May. Year-over-year, a total of 11.2% drop was logged, said CoreLogic.
Nevertheless, Herron Todd White anticipates better market conditions for Sydney moving forward. “A likely interest rate cut, an increased appetite for new loans by major lenders and more certainty after the elections are likely to see market conditions continuing to improve in the second half of the year, with prices beginning to stabilise,” the report said.
Source: CoreLogic
Data from Domain showed that house prices were still dropping at a faster rate than units. The median house price in New South Wales’ capital was down by 3.1% to $1,027,962 in the March quarter. In comparison, the Sydney median unit price only slid by 2% to $696,935.
Auction rates, meanwhile, rose due to vendor expectations meeting the market. The number of property transactions is lower than in 2018, and price declines have been slowing but are still down 4.3% from the start of the year to mid-May. Year-over-year, a total of 11.2% drop was logged, said CoreLogic.
Nevertheless, Herron Todd White anticipates better market conditions for Sydney moving forward. “A likely interest rate cut, an increased appetite for new loans by major lenders and more certainty after the elections are likely to see market conditions continuing to improve in the second half of the year, with prices beginning to stabilise,” the report said.
