Northern beaches and inner west lead the way in Sydney’s recovery
With real estate sentiment improving, thanks in part to another interest rate cut, two regions of Sydney have moved into positive price growth, leading the way for the city’s market recovery.
Property prices grew on the northern beaches last month, new data has revealed.
The peninsula was one of only two regions in Sydney to report positive quarter-on-quarter growth, according to the REA Group report.
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Both the northern beaches and the inner west notched up modest growth of one per cent.
It may be a small number, but it is one of the strongest signs yet that a recovery is on the way, and comes off the back of an 81 per cent auction clearance rate on the northern beaches last weekend.
This was well over Sydney’s general auction clearance rate of 72 per cent.
This was the best capital city result in the country, according to CoreLogic.
The REA Group’s chief economist Nerida Conisbee, said it was good news for the northern beaches market.
“We saw a bit of a price increase in June — it does look like it’s starting to move again,” she said.
She said visits to the realestate.com.au site were on the rise, although there has been a drop in new listings.
“Every time we see a (interest) rate cut we see a bump in searches and this week was no different,” she said.
Yesterday, there were only 590 properties listed for sale on the site. Of these, 286 were houses, 265 apartments and units, 23 were townhouses and 16 were blocks of land.
Of the total number on the site, 112 houses were priced under the northern beaches median price of $1,700,000.
In the apartment market, 176 were priced under $850,000. The median unit price for the northern beaches is $855,000.
“Now wouldn’t be a bad time to buy, if you can find something,” Ms Conisbee said.
“I think we will see a pick-up in activity come spring, when there are more new listings coming to market.”
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Originally published as Northern beaches and inner west lead the way in Sydney’s recovery