Login
iscover
A new report has found an increasing number of Sydney buyers are opting out of the harbour city for a move to the Southern Highlands.
According to DiJONES Annual Market Report, the Southern Highlands property market is now mostly made up of buyers leaving Sydney.
Half of property buyers in Bowral, Bundanoon, come from Sydney’s inner-west, Eastern Suburbs, Upper and Lower North Shore, Northern Suburbs and Hills District, the report said, noting that “in the premium Southern Highlands suburb of Burradoo”, the figure is closer to 60 per cent.
Meanwhile, just 20 per cent of buyers in Bowral and Bundanoon, and 10 per cent of buyers in Burradoo, are local Southern Highlands buyers, the report said.
However, this doesn’t mean doom and gloom for Sydney, with the same report pointing to some market recovery being evident in the NSW capital.
The inner-west suburb of Lilyfield, in particular, is reporting strong growth, with median unit sales prices increasing by 72 per cent to $1,1222,500 based on 41 sales.
Hunters Hill and Balmain East are also reporting strong recovery, posting an increase in unit prices of 64.9 per cent and 57.8 per cent, respectively.
Di Jones CEO Rob Ward said that these results show the strength of Sydney’s blue-ribbon areas in the face of a widespread slowdown. He anticipates that the same confidence that underpins these property markets will spread more widely over the next 12 months.
“We’re seeing promising signs of market recovery from all of our offices,” Mr Ward said.
“Prices stabilised over the final quarter of the financial year then registered a small increase in June 2019 — the first since July 2017. We’re also seeing auction clearance rates rising.
“Overall, we’re noticing more buyers returning to the market and more vendors seeking appraisals. We expect this to translate into a greater number of people also listing their homes for sale.”
ABOUT THE AUTHOR
Emma Ryan
Emma Ryan is the deputy head of editorial at Momentum Media.
Emma has worked for Momentum Media since 2015, and has since been responsible for breaking some of the biggest stories in corporate Australia, including across the legal, mortgages, real estate and wealth industries. In addition, Emma has launched several additional sub-brands and events, driven by a passion to deliver quality and timely content to audiences through multiple platforms.
Email Emma on: Emma.Ryan@momentummedia.
You are not authorised to post comments.
Comments will undergo moderation before they get published.