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Home / Business / Sydney set for more property falls, but some NSW towns and suburbs are fighting back

Sydney set for more property falls, but some NSW towns and suburbs are fighting back



Updated

January 13, 2019 09:27:43

The brutal contraction of the property of Sydney is destined to continue, with a new report that foresees a decrease of 5% of the prices in the first half of the year – however there are some suburbs in contrast.

Key points:

  • Some regional areas of New South Wales are combating property price falls in Sydney
  • According to economists, forecasts will need to be restored after federal elections
  • The biggest fall prices in the past 12 months have been seen in the Sutherland Shire

In other data confirming Sydney's highly publicized price drop, REA Group, the owner of realestate.com.au, said that "mid-range suburbs" in the port city the price of the quick house falls the hardest this year.

Prices in the wealthiest suburbs should stabilize, and in some cases increase.

In its quarterly property outlook reporting today, the REA Group says its data calculated prices in Sydney had fallen 6.7 percent from their peak – and a 5.9% decline year on year – with the potential of "another 5% decline in the first half of the year"

However, the REA data show a less severe decline in Core Logica real estate analysts, which in December calculated a decline from peak to empty in 9.5% in Sydney.

According to REA – which uses its own house price index and what is known as an "equal" calculation – the 12 months of Sydney the median price is now $ 840,000.

The chief economist of the REA group Nerida Conisbee said that even if the predictions would need to be reset after the upcoming federal elections, the pain of prices for the Sydney homeowners was destined to continue in the near future.

"We are still seeing a sharp drop in list views in Sydney," he said.

"Right now, the mid-range suburbs suffer more and the impact on sentiment does not seem to shift."

Ms. Conisbee said the suburbs of Sydney, Manly and Paddington saw some of the highest list views in New South Wales and moderate price growth.

"And the cheaper suburbs like Richmond and Kingswood are increasingly popular among the first buyers of homes."

According to REA data recorded for major regions and airports of NSW, Sydney's Sutherland Shire, which includes suburbs like Cronulla and Sylvania, was the worst hit, registering an 8, 9 percent decline in prices in the last year.

The fall of the Shire was followed by Paramatta (-8 percent), Baulkham Hills and Hawkesbury (-7 percent) and Sydney city and inner south (-7 percent).

The Richmond-Tweed regional area on the north coast, which saw a 2.9 percent increase in prices over the last 12 months, bucked the trend.

The Hunter Valley region, excluding Newcastle, also rose 2.5 percent. Coffs Harbor (1.9%) and Central West (1%) were also in black.

The most popular suburbs?

Ms. Conisbee said that Freshwater, Paddington and Dee were the most popular suburbs in terms of property listings by list in Sydney.

Byron Bay and its surrounding areas were the most popular outside of Sydney.

"That area (Byron Bay) is attracting a lot of research outside of Sydney," he said.

"I think there is a younger element of sea change, due to the growth in jobs occurring in the production and growth of small businesses.

" And Byron Bay is becoming very similar to Sydney in terms of prices. "[19659037] Arguments:

business-economics-and-finance,

of the community and society,

homes,

industry housing,

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NSW

First published

January 13, 2019 08:21:35


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