REINSW’s analysis of June CoreLogic ‘Market Trends’ data found the proportion of both Sydney and State-wide markets that experienced a drop in median sales price continued to expand.
Not only did 81 per cent of Sydney house and unit markets see a drop in their median prices, the drop worsened – creating an overall 2.7 per cent price drop across Sydney.
Across NSW as a whole, 68 per cent of house and unit markets experienced a fall in median sales prices – again, with the drop deeper than the previous month.
Mr McKibbin said conditions for vendors were beginning to improve.
“If you’ve got your finance organised, now is the time to start looking in earnest,” he said.
“The full effect of the RBA interest rate cut is yet to fully kick in.”
Changes across Sydney’s median sales prices
Across the 580 Sydney house and unit markets relevant to the analysis, REINSW found:
The 10 best performing suburbs and property types across NSW
Houses in Branxton, Newcastle, experienced the highest growth in median sales price, at 22.7 per cent. This was followed by houses in Inner Western Sydney’s Summer Hill, with a growth of 17.8 per cent. A mix of houses and units also had strong growth: units in Haymarket experienced 15.3 per cent growth, Werris Creek had 14.5 per cent growth, Elizabeth Bay had 13.7 per cent growth and North Boambee Valley had 12.9 per cent growth to the median sales price.
Other suburbs and property types that also made the top 10 include Casuarina units (12.7 per cent), Darling Point units (10.8 per cent), Bonnells Bay houses (10.8 per cent) and Coolamon houses (10.7 per cent).
The worst 10 performing suburbs and property types across NSW
Houses in Austral and North Arm Cove experienced the greatest decline in their median sales price, at -43.1 per cent and -41.1 per cent, respectively.
Following this was houses in Wollongong region’s Calderwood (-17.6 per cent), units in Vaucluse (-16.9 per cent), houses in Pitt Town (-15.8 per cent), Brunswick Heads houses (-15.5 per cent), Bondi Junction units (-14.9 per cent), houses in Hay (-14.0 per cent), units in Schofields (-13.4 per cent) and Concord units (-13.2 per cent).