If you live in Sydney, chances are you feel pretty despondent about the state of the city’s property market right now.
Having suffered a speedier downturn than any other city in Australia, Sydney’s property prices have dipped by almost 10% in only 18 months.
Sydney’s eastern suburbs has a current median price of $1,560,000 and the year-on-year growth figure for the area is -8.3%, while the quarterly-on-quarterly growth figure is -0.7%.
And yet it’s not all doom and gloom. Amid the downturn certain pockets of Sydney are holding their own, with the city’s eastern suburbs being a prime example.
The fact that this part of Sydney features some of the city’s most well-loved beaches – including Bondi, Bronte and Coogee, and is home to attractive suburbs totally nailing the urban-coastal lifestyle – no doubt has a lot to do with the area’s unshakeable appeal.
Additionally, retaining buoyancy within a dipping market relies on competent agents delivering strong sales campaigns and delivering on their promise of achieving the best sale price.
Now, more than ever, and particularly in Sydney, it’s vital to enlist an experienced and capable real estate agent if you’re planning on selling your home.
High-end homes in premium suburbs
According to realestate.com.au’s Chief Economist, Nerida Consibee, while falling prices impact confidence, they have created opportunities for buyers who have previously been priced out – particularly in high-end suburbs.
“The declining market has led to a change in the types of properties that buyers are interested in,” says Consibee. “While anything that was in high demand from investors is struggling, we have started to see far more search activity in premium suburbs.
“In every price boom, we see people move to cheaper suburbs in an attempt to get into the market. As prices fall, buyers turn their attention back to premium suburbs, either because they see good value, or prices have fallen enough to allow them to get back in.
“Right now, Northern Beaches and the inner east of Sydney are seeing the highest number of views per listing in Australia,” she says.
Vibrant, arty and home to a buzzing cafe scene, as well as beautiful houses, Paddington in Sydney’s east has retained its popularity with home buyers in the premium market.
According to realestate.com.au data, the popular suburb comes in at number four on the list of most in-demand suburbs in Sydney.
The desirable inner-city enclave has seen some high-price sales this year already, including this spacious five-bedroom family home, which has just sold for the second highest price in Paddington this year.
Krasnostein says there was strong demand for high-end Paddington properties and wasn’t surprised that as many as 85 groups inspected the property throughout the four-week campaign.
“There will always be high demand for Paddington properties of this nature and as we enter a changing landscape, it’s vital that we think laterally to ensure we’re getting the best possible result for our clients,” Krasnostein says.
“Our focus on marketing methods outside of traditional platforms accounted for strong engagement from consumers outside of the Paddington market, which assisted in achieving this exceptional result.”