Suburbs with high values record significant declines
Australia’s housing downturn persists with about 12 suburbs in Sydney having seen their median home prices plunging below AUD1 million last year, Domain is reporting.
About half of Sydney suburbs now have a median below AUD1.06 million (USD767,100), the Australian property portal noted.
“The higher end of the market tends to lead when it comes to price declines,” said Domain research analyst Eliza Owen. “Suburbs with higher values have had more significant declines, which have put them under the million dollar threshold.”
Among neighbourhoods that took the biggest hits was Mosman, whose median housing price deprecated by more than AUD150,000 to AUD968,500 in the year to December.
Engadine also saw its median descend from AUD1.032 million to AUD892,500 for a staggering year-on-year drop of 13.60 percent.
“We’ve been reporting a AUD1 million median since 2015. I think buyers had a real acceptance of that million dollar mark,” said Owen.
“[But] they might be more hopeful as more suburbs fall below a million dollar median sales price, however it’s still quite expensive.”
The depreciating markets were situated mostly 20 kilometres or more from the city centre. Most areas to fall below the price threshold were in the city’s south and Canterbury Bankstown area.
Sydney home prices have been down 11.4 percent from a peak in mid-2017, with AMP Capital predicting a fall of 25 percent peak to trough this year.
PropertyGuru Thailand Property Awards continues long CSR history with Right To Play and the Mini Heart Project
The event’s official charity partner aims to foster Thailand’s young talents and will organise a joint CSR initiative at the end of 2019
7th PropertyGuru Philippines Property Awards reveals strong and varied shortlist for 2019 edition
Solid representation from urban and and regional real estate companies
Vietnam’s most vibrant architecture practices
The country's architecture scene is steadily catching up to Asian powerhouses—and the world is watching
Cambodia’s farewell to Everything But Arms
With the impending loss of EU tariff benefits, the growing economy may find itself derailed, with implications for the property sector