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SYDNEY'S MARKET HAS BARGAINS FOR THE SELECTIVE
Several strong performers bucked the trend with house prices in 31 Local Government Areas (LGAs) growing more than 5%. Many of these are suburbs within a 10 kilometre radius of the CBD; some are adjacent to large public parks and waterways, and all of them have good access to public transport infrastructure.
The stand-out examples are Ryde, where house prices grew 6.71% to a median $366,000 and Hawkesbury, where prices rose 7.69% to $280,000.
“People are still concerned about where interest rates are heading and most of the buying action is coming from first home buyers and property investors,” said REINSW President Steve Martin. “Affordability is their main consideration, so they are choosing suburbs that have excellent credentials but not blue-chip price tags.”
Mr Martin said the December quarter figures give a strong indication that the Sydney apartment market has been under-performing. “There are many suburbs with great fundamentals but where prices are still declining,” he said. “Astute buyers can definitely pick up bargains.”
News that Melbourne has now overtaken Sydney to have the highest median apartment prices in Australia is further evidence of Sydney’s comparative value. Apartment prices in Melbourne grew nearly 22% in 2007 to reach a median $390,000.
Sydney suburbs offering excellent value include Strathfield in the inner west where apartment prices dropped by 9.76% to a median $338,000; Canada Bay, with river-cat access to the CBD where prices fell 4.30% to a median $490,000; and inner Sydney which saw a 3.84% decline to $650,000.
Please contact to Dael Climo on (02) 8267 0527 for further media comment.
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