Ryde loses out in market shift against neighbour Hunters Hill
At a glance, it looks like Hunters Hill hasn’t taken as big a hit as the rest of Sydney in a real estate market that has seen prices drop by 11.5 per cent in the past 12 months.
The most recent CoreLogic Pain and Gain report has found that Hunters Hill is the only council region to record no resales with a loss over the third quarter of 2018.
At the other extreme, Ryde (together with Canterbury and Bankstown) has borne the brunt of the market downturn.
The Ryde council region had the highest proportion of resales at a loss throughout Sydney from June to the end of September.
Matthew Ward from Ward Partners Hunters Hill recently sold a tennis court on Woolwich Rd, Hunters Hill, the main road through the peninsula suburb, for $3.55 million — $250,000 above reserve.
While he found the glowing statistics for the suburb heartening, Mr Ward said figures could sometimes be misleading.
Hunters Hill and neighbouring Woolwich are comparatively small suburbs that contain a large number of prestige properties so an outstanding sale can often prop up the statistics for the rest of the suburb, Mr Ward said.
He conceded that towards the end of last year and into the new year, several outstanding results were achieved.
Among them was the $9.2 million sale of 8 North Pde, Hunters Hill, in September.
“A property like North Parade defied the shift in the Sydney market,” Mr Ward said.
Mr Ward said the market in Hunters Hill had seen mixed results so far this year but he remained optimistic that good properties correctly priced would find the right buyer.
David Middleton from Anthony Trees First National Eastwood said the figures for Ryde were understandable.
Mr Middleton pinpointed North Ryde as one of the first Sydney suburbs to benefit from the boom, which started to gain momentum in 2013 to its peak in mid-2017.
“A lot of properties sold well above reserve and owner expectations over a long period and, once the boom was over, those properties in those suburbs were always going to cop it,” Mr Middleton said.
“North Ryde spiked a lot earlier than other Sydney suburbs. People were paying $1.6 million for a knock-down and rebuild — they paid a premium price.”
Mr Middleton said it made sense that the first suburb to “rise” would be the first to fall when the boom ended.
“Ryde is now like a feather drifting to the earth — and the right place in the market.”
Mr Middleton said that in the current market, buyers could find “genuine opportunities in North Ryde”.