March Market Report – Eastern Suburbs
It’s been a fantastic first few months to the year, with buyers regaining some confidence in the market and kicking off their property hunt with a renewed sense of excitement.
As always, Sydney’s Eastern Suburbs is seeing strong interest from an array of buyers including young professionals, families, downsizers and first home buyers who are looking for that much-loved coastal lifestyle.
The Eastern Suburbs has long been a coveted area for buyers because of its incredible beaches – including the iconic Bondi Beach – and its proximity to the Sydney CBD.
Westfield Bondi Junction and Double Bay’s boutique stores draw in shoppers from all over Sydney while there is plenty to eat and drink around the evolving streets of Potts Point.
There’s also plenty on offer for property buyers, from one-bedroom apartments in Elizabeth Bay to six-bedroom mansions on the cliffs of Vaucluse. There is also something at almost every price point across the east attracting, investors and owner-occupiers alike.
CoreLogic figures show prices across the east fell into line with the wider Sydney slowdown last year, with some areas seeing a drop in median prices while others still experienced growth.
In the three months to December 2018, houses across the Waverly Council area saw a 5.4 per cent reduction in median price while units actually grew by 0.5 per cent.
In the Woollahra Council region, houses saw a 6.8 per cent drop while units fell by 2.8 per cent.
During that same time period, units in Dover Heights saw the strongest growth at 24.6 per cent, landing them a median price of $1.55 million. This was closely followed by apartments in Bondi Junction which jumped up 21.5 per cent and now have a median of $1.19 million.
Houses in Darling Point and Paddington saw the highest growth, rising 12 per cent (to $6.8 million) and 3.6 per cent (to $2.4 million) respectively.
Darling Point has held its place as one of the most expensive suburbs in the country for many years. It is home to a number of timeless mansions that take in incredible water and harbour views and continues to draw in buyers.
Despite prestige property continuing to be in high demand, Point Piper – the most expensive suburb in Australia – suffered the greatest dive for both units and houses. Apartments receded 28.2 per cent over the three-month period, dropping to a median of $3.05 million while houses dove 28.9 per cent to a median of $17.78 million.
Elsewhere, Tamarama units dropped 26.7 per cent (to $1.32 million) and Centennial Park houses fell 25 per cent (to $3.85 million).
With Cohen Handler’s Sydney office based in Double Bay, the Eastern Suburbs are our specialty and we have recently helped buyers secure properties in Darling Point, Bondi Beach and Potts Point.
Despite the higher price points across the region, first home buyers and families looking to upgrade shouldn’t be frightened to search through their dream suburbs. A buyer’s agent from Cohen Handler can help navigate the region and find a property in an area you love.
Find out how by contacting us on: 1300 420 160 or email: firstname.lastname@example.org