With Sydney`s housing market changing, what is the best way to find the best deal? North, South, East or West? Price changes in some regions are greater than in others, which opens up some huge opportunities.
According to Domain Group`s first quarter 2018 Domain Independent House Price report, the North Coast, for example, has dropped 5.9 percent in the past 12 months, from 1.86 million yuan in March 2017 to 1.75 million yuan in March this year. This makes the north coast the biggest drop in prices in Sydney.
"over the past five years, prices there have soared 82.9 percent, but now we`re starting to see things change," said Nicola Powell, a Domain data scientist. "potential buyers don`t have a real sense of urgency, they`re going to take it slowly and see it as an opportunity to buy at a cheaper price.
"buyers have a choice that increases as the number of properties for sale increases, and sellers are now more aware of the price they can achieve."
Warrawee was the biggest change in the city, with prices for independent homes falling 12.78 percent on average year-on-year, while Chatswood, prices fell 2.48 percent year-on-year.
`it `s a huge victory for buyers, `says Chadwick Real Estate`s realtor Lynette Malcolm. "We have found that there are good deals even in very upscale locations," she said. Sellers in the region seem to be pandering to the market and lowering expectations, so people see opportunities to enter the market, where prices used to be above their budget. "
Charles Caravousanos, director of Savills Lindfield, a real estate brokerage firm on the North Bank, agrees. "We saw a change in the market, and I think the market has retreated by nearly 10 percent," he said. "2 million of the house used to sell for about 1.8 million now."
He said the price drop was due to a reduction in the number of Chinese buyers who could bring money to Australia because of tighter bank lending restrictions. Chinese buyers usually prefer high-quality school districts.
"the area is now becoming more affordable for families," Caravousanos said.
Buyers are more likely to wait and see as the market declines, says Byron Rose of Rose&Jones, a buyer`s brokerage firm.
"they will be more speculative and optimistic, not eager to buy, which really has an impact on mindset and then on prices." He said。
The second weakest area was on the north shore, with the median price of independent homes down 5.2 percent year-on-year to 2.45 million yuan from two million five hundred and eighty five thousand yuan. The worst hit was Artarmon, down 13.06 percent, followed by Hunter Hill (, down 8.52 percent,), Lane Cove North (, down 7.47 percent, and Cammeray, down 4.93 percent.
Independent home prices fell 3.5 percent in the inner west, 2.3 percent in the North Beach and 2.2 percent in the northwest over the same period, while prices in the city centre and east side rose only 0.4 percent, according to the Domain.
