Despite Sydney property making headlines for the wrong reasons in 2018, the latest figures from realestate.com.au reveal prices actually rose in some parts of Sydney’s Eastern Suburbs over the past 12 months.
We reveal which parts of the East were this year’s real estate winners.
Houses in Bellevue Hill were among 2018’s standout performers. Bellevue Hill’s median house price increased from $5,450,000 in December 2017 to $6,100,000 in November 2018 – a rise of almost 12%.
The very tightly held market for houses in Double Bay also did well this year, with prices rising from $3,900,000 last December to $4,500,000 in August 2018 (there’s no data beyond this point). That’s an increase of more than 15%.
And despite experiencing a varied year, Elizabeth Bay, Darling Point and Point Piper units also registered a very small increase in median price over the past 12 months.
In this desirable part of our city, it was houses in Woollahra and Paddington that fared best. Both experienced a slight increase in median price while the rest of the Parkside market remained relatively flat.
Surry Hills was a clear winner in 2018. Its median house price rose fractionally from $1,725,000 in December 2017 to $1,787,500 in November 2018 (up 3.6%). The value of units in Surry Hills also grew from $850,000 to $899,000, a rise of almost 5.2%.
There has been limited capital growth on the beaches over 2018, although the median house price in Bondi rose from $2,555,000 in December 2017 to $2,590,000 in November 2018. Bondi units also experienced a slight increase from $1,125,000 to $1,172,500.
The prestige and luxury market
The big winner for 2018 was the prestige market, particularly the market above $10 million. In fact, it has been one of the busiest years ever for Sydney’s prestige and luxury property market.
Over 2018 we broke the Bellevue Hill record with “Rona” at 2 Ginahgulla Road and the Centennial Park record with 44-46 Lang Road. We also achieved the highest price of the year in Woollahra for 157 Queen Street and in Vaucluse for 9 Coolong Road and made the top nine sales of the year in Paddington.
The prestige market shows little sign of slowing and there are plenty of buyers still looking to purchase top-end Sydney property, often in cash.
Outside of the premium market, there has been a noticeable shift in the balance of power between buyers and sellers over 2018.
In many situations, buyers are in control in a way they haven’t been for the past five years. In particular, we’ve seen buyers who are looking to upsize East taking their time to make some quality purchases that would have been harder to make a year ago.
At the same time, sellers can still achieve good results no matter what part of the market they’re in so long as they’re patient and have realistic price expectations.
The past few years have seen a real surge in off-market sales. In 2018, they worked especially well for homes over $4 million in suburbs where property is in short supply.
In fact, this year we have sold $142,000,000 worth of properties off-market, which was an increase of nearly 150% compared with 2017
Selling property at all price points
Regardless of how much a property is worth it’s always a highlight helping all our clients on their property journey, and assisting them to take the next step. And we truly appreciate the trust they put in us.
Some of the memorable sales in 2018 for us included:
6a Liverpool Street, Paddington – which was a unique warehouse conversion with separate commercial spaces that had amazing interiors and design
14 Elfred Street, Paddington – this was the cheapest house we sold this year. At exactly $1,000,000 it was a rare opportunity in Paddington, and we can’t wait to see what new life awaits this classic renovator.
7/364 Moore Park Road, Paddington – this was the cheapest unit we sold, and at $625,000 this entry level 1 bed, 1 bath art deco flat was in a fabulous position and at a very good price.
Have a great holiday…
We look forward to seeing you all in the new year, and can’t wait to see what 2019 brings the Eastern Suburbs property market.
Sydney’s Eastern Suburbs Market Snapshot
A detailed annual assessment of the property market focusing on the Eastern Suburbs of Sydney, Australia.