All areas of the New South Wales property market are not experiencing record prices, according to the Real Estate Institute of New South Wales.
REINSW President Malcolm Gunning said the boom market isn’t all that it seems.
“The reality is that all areas of the residential property market are not booming. The majority of the boom we are seeing is at entry level, which is pricing first home buyers out of the market in the Sydney metropolitan area as well as Wollongong and Newcastle.
“Properties in the affordable prestige market, starting at around $2 million, are only now beginning to see signs of recovery,” Mr Gunning said.
“Renewed business confidence and the green shoots of a strengthening NSW economy mean that there are opportunities for those hoping to enter the affordable prestige market.
“A lot of the sales are at or below the prices of six years ago and this represents great value for those who can afford the property.
“After a period of low volumes we are also seeing an increase in stock at this level of the market.”
Mr Gunning cited areas including Balgowlah to the north of Sydney, as well as waterfront suburbs in the Sutherland Shire, in particular Caringbah, at the affordable end of the prestige market.
“The upper end of the prestige market, properties which sell for $10 million plus, is still patchy and is largely flat, although there has been increasing interest from expats and foreign investors at this level,” Mr Gunning added.