The area still seeing property price growth in houses and units
The upper north shore of Sydney is showing strong signs it is weathering the property downturn, with a new report showing positive price growth in some suburbs.
CoreLogic’s Market Trends Report for April shows the north shore’s median house price has held steady for the third straight month, at $2,200,000.
The median unit price also hasn’t changed in three months, and sits at $950,000.
This is significant, given many unit markets across Sydney have been hit hard by the downturn.
Generally, Sydney property prices have declined by more than 13 per cent since the downturn started about 18 months ago.
While the upper north shore has not been immune from price declines in some suburbs, the outlook is far from bleak.
According to CoreLogic, 14 suburbs recorded positive median price growth in unit or house markets, in the 12 months to January, 2018.
Greenwich was the only suburb to see increases in house and unit prices, of 5.9 per cent and 5.5 per cent respectively.
Artarmon was a standout as well, with the median house price increasing by 28 per cent to $2,560,000.
Other suburbs to see median price growth included Castle Cove (houses up 4.8 per cent), Chatswood (units up 4.9 per cent), Chatswood West (houses up 6.9 per cent), North Willoughby (houses up 3.7 per cent), Northbridge (units up 14.9 per cent), Willoughby (units up 1.1 per cent), East Lindfield (houses up 1.2 per cent), Lindfield (units up 0.9 per cent), North Turramurra (units up 14.1 per cent), Roseville (units up 12 per cent), Turramurra (units up 9.5 per cent), and Northwood (houses up 5.4 per cent).
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CoreLogic’s head of research, Cameron Kusher, told the North Shore Times that the upper north shore was one of the better performing areas compared to other parts of Sydney that have seen larger drops.
While it was positive to see the stable median price and small price increases, these could also be attributed to lower transaction volumes
“It probably reflects people getting more realistic about property prices,” he said. “It could also mean that the worst of the falls is behind us.”
Mr Kusher said credit availability was also showing signs of improving.
However, he said he still expected the Sydney market would fall by a total of 20 per cent, before bottoming in early 2020.
“We’re closer to the end of it (the downturn) than we are to the start, that’s our view,” he said.